9 Jun 2014
USD/CHF bullish above 0.8868 – Commerzbank
FXStreet (Edinburgh) - The bullish stance in the USD/CHF would remain intact as long as the pair trades above 0.8868, suggested Karen Jones, Head of FICC Technical Analysis at Commerzbank.
Key Quotes
“USD/CHF last week charted a large key day reversal”.
“It failed to close above its 200 day ma and failed to gain a foothold over .9000. This reversal just ahead of the 78.6% retracement of the move seen this year at .9058 suggests that the market is in need of consolidation ahead of tackling the 55 week ma at .9072”.
“The initial sell off has held the its 38.2% retracement at .8909 and should remain well supported on dips to the 55 day ma at .8868 for an upside bias to be maintained”.
“Initial upside targets are offered by the 2014 high at .9156 and the 200 week ma at .9205”.
Key Quotes
“USD/CHF last week charted a large key day reversal”.
“It failed to close above its 200 day ma and failed to gain a foothold over .9000. This reversal just ahead of the 78.6% retracement of the move seen this year at .9058 suggests that the market is in need of consolidation ahead of tackling the 55 week ma at .9072”.
“The initial sell off has held the its 38.2% retracement at .8909 and should remain well supported on dips to the 55 day ma at .8868 for an upside bias to be maintained”.
“Initial upside targets are offered by the 2014 high at .9156 and the 200 week ma at .9205”.