Back
11 Mar 2013
Forex Flash: USD/CHF buy on dips towards 0.9609 – Danske Bank
The cross is grinding lower on Monday, bouncing off session lows in the proximities of 0.9490 after highs around 0.9530
A.Lohman Rasmussen, Chief Analyst at Danske Bank, commented that daily momentum and moving averages would be supporting the bullish development after the bounce off 0.9023
“An eventual and favored break above the key 0.9498/0.9513 level would build on the market’s earlier multi-month negative channel break and signal an initial extension higher to 0.9609, the 61.8% retracement level of the 0.9972-0.9023 cycle”, the analyst concluded.
A.Lohman Rasmussen, Chief Analyst at Danske Bank, commented that daily momentum and moving averages would be supporting the bullish development after the bounce off 0.9023
“An eventual and favored break above the key 0.9498/0.9513 level would build on the market’s earlier multi-month negative channel break and signal an initial extension higher to 0.9609, the 61.8% retracement level of the 0.9972-0.9023 cycle”, the analyst concluded.