28 Apr 2015
USD/CHF holds an upside bias above 0.9498 – Commerzbank
FXStreet (Barcelona) - Karen Jones, Head of Technical Analysis at Commerzbank, notes USD/CHF retains an upside bias whilst above 0.9484, but 0.9600 might cap intraday bounce.
Key Quotes
“USD/CHF continues to sit just above key support offered by the April low at .9484 and 200 day ma at .9496 and this will need to hold for an upside bias to remain.”
“Currently we have no strong bias if it will hold or not, but intraday Elliot counts are suggesting rebounds will falter .9600.”
“Initial resistance is the 0.9730 resistance line but the rebound will need to regain the .9862 peak to retarget 1.00 and above.”
“Only a close below .9484 would trigger losses towards the .9347 2nd February high and beyond.”
“Beyond .9862 (last weeks high) lies more significant resistance at 1.0000 and the March high at 1.0128. Only a move above 1.0128 would be regarded as the break up point to the 1.0240 mid-January high and the 1.0295 January 5 high, however.”
Key Quotes
“USD/CHF continues to sit just above key support offered by the April low at .9484 and 200 day ma at .9496 and this will need to hold for an upside bias to remain.”
“Currently we have no strong bias if it will hold or not, but intraday Elliot counts are suggesting rebounds will falter .9600.”
“Initial resistance is the 0.9730 resistance line but the rebound will need to regain the .9862 peak to retarget 1.00 and above.”
“Only a close below .9484 would trigger losses towards the .9347 2nd February high and beyond.”
“Beyond .9862 (last weeks high) lies more significant resistance at 1.0000 and the March high at 1.0128. Only a move above 1.0128 would be regarded as the break up point to the 1.0240 mid-January high and the 1.0295 January 5 high, however.”