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USD/CHF Classical Technical Report 09.29

USD/CHF Classical Technical Report 09.29

2011-09-29 12:39:00
Christopher Vecchio, CFA, Sr. Currency Strategist
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USDCHF_Classical_Technical_Report_09.29_body_Picture_25.png, USD/CHF Classical Technical Report 09.29

USD/CHF: With a EUR/CHF floor in place, the USD/CHF has been moving closely to the EUR/USD over the past several weeks; that is, USD/CHF comes with EUR/USD weakness. Recent weakness was expected by the pair, considering its sharp rally amid the sell-off last week. As such, consolidation is expected, although 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, as it mirrors our forecast for a lower EUR/USD.

Written by Christopher Vecchio, Currency Analyst

To contact the author of this report, please send inquiries to: cvecchio@dailyfx.com

Follow Christopher Vecchio on Twitter: @CVecchioFX

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