19 Feb 2015
USD/CHF further gains likely to the 200 day ma – Commerzbank
FXStreet (Barcelona) - Karen Jones, Head of Technical Analysis at Commerzbank, views that USD/CHF remains bid and is likely to extend towards 0.9515.
Key Quotes
“USD/CHF has seen a breach of the .9360 October 2014 low and we will have to allow for further gains.”
“The Elliott wave count on the daily chart is suggesting that this is the end of an ‘a-b-c’ correction, however the market looks bid currently and we would allow for an extension to the 200 day ma at .9515.”
“This market is bid above .9285 but still suggests that we should see failure here and a slide back to .9177 the February low and then .9080/00 zone.”
“Above the 200 day ma lies the .9608/78.6% retracement of the sharp sell off.”
“Current Position: Tiny shorts .9361 stopped .9400 Recommended”
“Trade: none Shorter term (1-3 weeks): Downside bias below .9360/.9608”
Key Quotes
“USD/CHF has seen a breach of the .9360 October 2014 low and we will have to allow for further gains.”
“The Elliott wave count on the daily chart is suggesting that this is the end of an ‘a-b-c’ correction, however the market looks bid currently and we would allow for an extension to the 200 day ma at .9515.”
“This market is bid above .9285 but still suggests that we should see failure here and a slide back to .9177 the February low and then .9080/00 zone.”
“Above the 200 day ma lies the .9608/78.6% retracement of the sharp sell off.”
“Current Position: Tiny shorts .9361 stopped .9400 Recommended”
“Trade: none Shorter term (1-3 weeks): Downside bias below .9360/.9608”