22 Jan 2015
USD/CHF near term risks remain on the downside – Commerzbank
FXStreet (Barcelona) - Karen Jones, Head of Technical Analysis at Commerzbank, expects USD/CHF to see some further weakness towards 0.8452 levels, with near term risks remaining on the downside for the pair.
Key Quotes
“USD/CHF as expected we have seen failure circa .8815/35 for another sell off and currently we remain negatively biased. While capped by .8835 we are likely to see some further weakness to .8452 16th January low en route to the 15th January .8350 overnight low.”
“Initial resistance lies .8815/25 ahead of .0.9128 (61.8% retracement of the sell off) in order to alleviate immediate downside pressure a move back above here is required. Above here will signal recovery to the .9608/78.6% retracement of the same move. Initial resistance is located at .8812, the high seen on the 16th January.”
Key Quotes
“USD/CHF as expected we have seen failure circa .8815/35 for another sell off and currently we remain negatively biased. While capped by .8835 we are likely to see some further weakness to .8452 16th January low en route to the 15th January .8350 overnight low.”
“Initial resistance lies .8815/25 ahead of .0.9128 (61.8% retracement of the sell off) in order to alleviate immediate downside pressure a move back above here is required. Above here will signal recovery to the .9608/78.6% retracement of the same move. Initial resistance is located at .8812, the high seen on the 16th January.”