19 Jun 2014
USD/CHF bullish above 0.8887 – Commerzbank
FXStreet (Edinburgh) - In the opinion of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair would keep the upside mood while above 0.8887.
Key Quotes
“USD/CHF is downside corrective and provided that the market holds over the 55 day ma at .8887, it will remain well placed to tackle tough overhead resistance offered by the 78.6% retracement of the move seen this year at .9058 and the 55 week ma at .9063, we suspect that this will hold the initial test”.
“Initial support is .8909 (38.2% retracement) but an upside bias will be maintained while above the 55 day ma at .8887”.
Key Quotes
“USD/CHF is downside corrective and provided that the market holds over the 55 day ma at .8887, it will remain well placed to tackle tough overhead resistance offered by the 78.6% retracement of the move seen this year at .9058 and the 55 week ma at .9063, we suspect that this will hold the initial test”.
“Initial support is .8909 (38.2% retracement) but an upside bias will be maintained while above the 55 day ma at .8887”.