FXstreet.com (Barcelona) - The Dollar gave away about 190 pips on a dramatic correction on Thursday and, after finding support a1.0530, the pair reaches levels above 1.0600 on early European session, and, according to Karen Jones, technical analyst at Commerzbank further recovery could be ahead.
Jones observes a Dollar's recovery to reach levels around 1.0754 initially: USD/CHF has again sold off towards the base of the channel at 1.0500 and recovered. We look for a rally to initially 1.0754/55 day ma and then the top of the channel at 1.0864, where we would again allow for some near term profit taking.
Resistance levels, according to Jones, lie at 1.0761, and above here, 1.0864 and 1.0940. On the downside, support levels are 1.0553, 1.0502 and 1.0415.