28 Apr 2014
USD/CHF bearish below 0.8858/62 – Commerzbank
FXStreet (Edinburgh) - Karen Jones, Head of FICC Technical Analysis at Commerzbank, sees the USD/CHF on a negative stance while below 0.8858/62.
Key Quotes
“USD/CHF came under pressure towards the end of the week and is regarded as negative short term while capped by .8858/62 (the 2013-2014 downtrend)”.
“Support at .8753/43 is regarded as the last defence for the .8698 March low. We have a downside sloping line, which connects the last 3 lows since October 2013 and this comes in at .8638, a slide to and recovery from here (if tested) is our favoured scenario”.
“Rallies need to regain .8858/62 (2013-2014 resistance line) to retarget the .8887 resistance line and the .8953 recent high”.
Key Quotes
“USD/CHF came under pressure towards the end of the week and is regarded as negative short term while capped by .8858/62 (the 2013-2014 downtrend)”.
“Support at .8753/43 is regarded as the last defence for the .8698 March low. We have a downside sloping line, which connects the last 3 lows since October 2013 and this comes in at .8638, a slide to and recovery from here (if tested) is our favoured scenario”.
“Rallies need to regain .8858/62 (2013-2014 resistance line) to retarget the .8887 resistance line and the .8953 recent high”.