Axel Rudolph, Senior Technical Analyst at Commerzbank, noted the 0.9660 region could cap gains for the time being.
“USD/CHF 200 day ma comes in at .9658 once more nears the 200 day ma at .9658 which may short term cap again. This resistance is reinforced by the .9691/95 55 and 200 week moving averages and we suspect this tough resistance will take several attempts to clear”.
“Below last week’s low at .9535 will target the March 14 low at .9425”.
“Above the 55 week ma targets the .9824/78.6% retracement. We are still of the opinion that the cross formed a bottom at .9188”.
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