24 Jul 2013
Flash: USD/CHF attempting to stabilise - Commerzbank
FXstreet.com (Barcelona) - Karen Jones, Head of FICC Technical Analysis at Commerzbank said the USD/CHF has eroded the 200 day ma, and is oscillating around here (0.9360/70) and looks to be attempting to stabilise ahead of the 0.9269/78.6% retracement.
Key Quotes:
“Rallies will need to regain the 55 day ma at 0.9477 in order to alleviate downside pressure and introduce scope to the 0.9568 March high”.
“Support at 0.9269, the 78.6% retracement is regarded as the last defence for the 0.9130 June low.”
“Above the 0.9568 March high should see upside interest re-engage and retarget the 0.9753 July high”.
“Shorter term (1-3 weeks): on the defensive”.
“Medium term (1-3 months): Positive above 0.9000, targets the 0.9972 2012 high (end of year target)”.
Key Quotes:
“Rallies will need to regain the 55 day ma at 0.9477 in order to alleviate downside pressure and introduce scope to the 0.9568 March high”.
“Support at 0.9269, the 78.6% retracement is regarded as the last defence for the 0.9130 June low.”
“Above the 0.9568 March high should see upside interest re-engage and retarget the 0.9753 July high”.
“Shorter term (1-3 weeks): on the defensive”.
“Medium term (1-3 months): Positive above 0.9000, targets the 0.9972 2012 high (end of year target)”.