8 May 2015
USD/CHF targeting 0.8850 over the medium-term – Commerzbank
FXStreet (Barcelona) - Karen Jones, Head of Technical Analysis at Commerzbank, maintains a short and medium term negative bias on USD/CHF, targeting 0.8850 levels over the next 1-3months.
Key Quotes
“USD/CHF has sold off to and is recovering from the .9070 38.2% retracement of the move seen this year (the low has been .9072). This is our short term target and given the TD perfected set up on the daily chart we would allow for a near term rebound.”
“It is directly offered while we continue to trade below the April low at .9484. Below .9070 would see another downside target of .8744 engage this is the 50% retracement of the same move.”
“Intraday rallies should find initial nearby resistance offered by the .9318 short term resistance line. A recovery through here should allow for a retest of .9484. Above .9484 lies the 200 day ma at .9508 and the .9634 resistance line, while capped here a negative bias will persist.”
“Shorter term (1-3 weeks): topped for now – negative bias below the resistance line.”
“Medium term (1-3 months): Risks shifted to the downside – using the top to provide a downside measurement targets .8850.”
Key Quotes
“USD/CHF has sold off to and is recovering from the .9070 38.2% retracement of the move seen this year (the low has been .9072). This is our short term target and given the TD perfected set up on the daily chart we would allow for a near term rebound.”
“It is directly offered while we continue to trade below the April low at .9484. Below .9070 would see another downside target of .8744 engage this is the 50% retracement of the same move.”
“Intraday rallies should find initial nearby resistance offered by the .9318 short term resistance line. A recovery through here should allow for a retest of .9484. Above .9484 lies the 200 day ma at .9508 and the .9634 resistance line, while capped here a negative bias will persist.”
“Shorter term (1-3 weeks): topped for now – negative bias below the resistance line.”
“Medium term (1-3 months): Risks shifted to the downside – using the top to provide a downside measurement targets .8850.”