More PIA-first, 01 December 201101 December 2011 USDCHF - Early upside was aggressively overturned yesterday and a third negative daily performance in a row was posted. This means that last week’s entire net rise has been overturned but the lows of the day, beneath .9100, were not held. While the resulting rally has not been extensive it is enough to mean that intraday signals for sentiment are mildly positive. In view of this our call is Very Cautiously Bullish above .9095. The immediate objective is .9153, the overnight high, with a move beyond that point targeting .9176 or even towards yesterday’s .9208 open.
Selling through .9095 is the risk to this call as it signals that selling pressure is greater than currently assessed. The market should then decline to .9066, yesterday's low point, then .9035, half of the net gains from 14 November.
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