USDCHF continues to try and hammer out a better base above the .9147/30 June/August range lows. An initial cap has been found at the 50% retracement of the July/August fall at .9449/64, which has seen a snap back to minor basing levels at .9291/88. However, buying has resurfaced here and with a Daily DeMark 13 “buy” signal still in place on the August low, we look for an eventual rally back up through .9449/64 to test .9520/35 next ahead of the measured target from the base at .9600/05. This should be allowed to cap first, but above can see a test of the of the top of the range at .9633 with scope to the .9752 July peak.
Removal of .9291/88 aims at .9147/30 and through here to damage basing thoughts and target .9077/22.
Read the full report: USD/CHF