FX Strategy 19 September 2013

Dollar crushed – but holds key support VS CHF and JPY

USD/CHF holds the 2012-2013 uptrend at .9092

USD/CHF has crashed lower to the 2012-2013 support line lies at .9092. Currently our favoured view is for losses to hold this uptrend, however we would need to see a rapid bounce back above the .9146 August low just to alleviate immediate downside pressure and signal a return to .9261 – the 23.6% retracement of the move down from July.

Failure to hold over .9090 will see USD/CHF sell off to the .9023 2013 low and then the .8931 2012 low.

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