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28 May 2015
USD/CHF: potential for a test of 0.9862 – Commerzbank
FXStreet (Edinburgh) - According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, spot needs to clear the 0.9227/42 band to have a chance of test the 0.9860 area.
Key Quotes
“USD/CHF is pushing hard into the 200 and 55 day ma at .9527/42”.
“With a 13 count and a TD perfected set up on the 240 minute chart It is likely that this will hold the initial test, but we do then favour a break higher. A close above here is needed to restore the up move to the .9862 April high”.
“Dips lower should find some support at .9440/.9380 ahead of .9287, the 22nd May low. Key support is the .9072/70 recent low and Fibonacci retracement”.
Key Quotes
“USD/CHF is pushing hard into the 200 and 55 day ma at .9527/42”.
“With a 13 count and a TD perfected set up on the 240 minute chart It is likely that this will hold the initial test, but we do then favour a break higher. A close above here is needed to restore the up move to the .9862 April high”.
“Dips lower should find some support at .9440/.9380 ahead of .9287, the 22nd May low. Key support is the .9072/70 recent low and Fibonacci retracement”.