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USD/CHF Classical Technical Report 09.23

USD/CHF Classical Technical Report 09.23

2011-09-23 06:59:00
Joel Kruger, Technical Strategist
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USDCHF_Classical_body_swiss1.png, USD/CHF Classical Technical Report 09.23

USD/CHF: Although daily studies are showing overbought and warn of the potential for a short-term corrective pullback, the recent daily close back above the 200-Day SMA is significant and now opens the door for the next upside extension towards 0.9500 further up. Medium-term and longer-term studies still show plenty of room for upside ahead, while the short-term outlook also remains constructive above 0.8645. Ultimately, only back under 0.8645 delays short-term outlook and would open the door for a more sizeable corrective decline. Still, even at that point, buying into dips would be the preferred strategy. Any intraday dips back towards the 0.8900 handle are viewed as solid short-term buy opportunities.

Written by Joel Kruger, Technical Currency Strategist for DailyFX.com

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