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USD/CHF capped below 0.9600

USD/CHF keeps consolidating below the 0.9600 mark. Last Friday the bulls tested a fresh 10-month high of 0.9630, but failed to fix above the 200-week SMA and closed the week at 0.9570. The pair broke above the weekly Ichimoku.

The outlook remains bullish above 0.9540 (23.6% Fibo). However, the market may need some more time for consolidation before a break higher. Next resistance lies at 0.9680 (50-month SMA). That’s what Commerzbank analysts say: “Break above 0.9600 after a consolidation period is likely to act as the break point towards the 0.9950/1.000 long term resistance”. Support is seen at 0.9430 and 0.9200.

Chart. Daily USD/CHF

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