USD/CHF Classical Technical Report 07.29
USD/CHF: Despite the intense downtrend resulting in recently established fresh record lows below 0.8100, short/medium/longer-term technical studies are looking quite stretched to us, and we continue to like the idea of taking shots at buying in anticipation of a major base. The latest declines have stalled by major psychological barriers at 0.8000, and we look for a break back and close back above 0.8100 to reaffirm basing outlook and accelerate gains to even more significant resistance by 0.8550 further up. Ultimately however, it will take a break above 0.8550 to officially relieve downside pressures and force a shift in the structure. Any additional declines to fresh record lows below 0.8000 are viewed as an excellent counter-trend opportunity.
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