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22 Apr 2013
Forex: USD/CHF still capped by resistance at 0.9340
FXstreet.com (Barcelona) - The USD/CHF keeps finding its high at 0.9340 since April 10, and after a fall to test the 0.9200 ground (low at 0.9206) on the 16th and 17th, the market restored the price but remains stuck below such resistance.
Just ahead of the release of the SNB Monthly Statistical Bulletin by Switzerland, the USD/CHF was capped at 0.9338 high and eased back to 0.9330 area, where it stands at the moment.
“The USD/CHF despite several attempts last week the market continue to struggle at the 55 day moving average at 0.9355. This needs to be overcome in order to negate a sell off to 0.9140, the 78.6% retracement of the move up from February”, wrote Commerzbank analyst Karen Jones.
Just ahead of the release of the SNB Monthly Statistical Bulletin by Switzerland, the USD/CHF was capped at 0.9338 high and eased back to 0.9330 area, where it stands at the moment.
“The USD/CHF despite several attempts last week the market continue to struggle at the 55 day moving average at 0.9355. This needs to be overcome in order to negate a sell off to 0.9140, the 78.6% retracement of the move up from February”, wrote Commerzbank analyst Karen Jones.