EUR/USD Technical Analysis for September 13, 2011
The USD/CHFremained above the 200-day moving average on Monday, even though we have seen a slowdown over the last couple of sessions. With the massive move on the Swiss National Bank’s action last week, it is hardly a surprise that this pair might be “tired”. We want to buy, but are still looking for a pullback to the 0.85 level on a supportive candle. The support zone extends all the way back to 0.83, and we would be comfortable buying on support anywhere in that neighbourhood. We won’t short this pair, as we are not ready to fight the SNB at this point.
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