A third negative daily performance in succession was posted by USDCHF
Tuesday as this week's reaction to last week's gains continued. The net
downside is not extensive and the lows were not maintained with some
demand returning ahead of 0.8900. The resulting bounce leaves immediate
signals for sentiment mildly positive and so although gains are
currently assessed as temporary our call is Cautiously Bullish above
0.8949.
The immediate objective is 0.9017, yesterday's open, with a move beyond that point targeting yesterday's 0.9059 high or even 0.9082.
Selling through 0.8949, is the risk to this call as it signals that buying pressure is weaker than currently assessed. The market should then decline to 0.8925, yesterday's low, then 0.8876, the open from Sep 21st.
The immediate objective is 0.9017, yesterday's open, with a move beyond that point targeting yesterday's 0.9059 high or even 0.9082.
Selling through 0.8949, is the risk to this call as it signals that buying pressure is weaker than currently assessed. The market should then decline to 0.8925, yesterday's low, then 0.8876, the open from Sep 21st.
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