30 Apr 2015
USD/CHF negative bias while below 0.9706 – Commerzbank
FXStreet (Barcelona) - Karen Jones, Head of Technical Analysis at Commerzbank, recommends shorting USD/CHF rallies towards 0.9425 and 0.9460, as negative bias exists while the pair trades below the 0.9706 resistance.
Key Quotes
“USD/CHF has eroded key support offered by the April low at .9484 and 200 day ma at .9502 and appears to have topped short term. While capped by the 0.9706 resistance line a negative bias will now persist.”
“The close below .9484 targets the .9177 6th February low and the .9070 38.2% retracement o of the move seen this year.”
“Current Position: Longs from .9505 stopped at .9505 Recommended Trade: Attempt small shorts on rallies to .9425, add.9460, stop .9505”
Key Quotes
“USD/CHF has eroded key support offered by the April low at .9484 and 200 day ma at .9502 and appears to have topped short term. While capped by the 0.9706 resistance line a negative bias will now persist.”
“The close below .9484 targets the .9177 6th February low and the .9070 38.2% retracement o of the move seen this year.”
“Current Position: Longs from .9505 stopped at .9505 Recommended Trade: Attempt small shorts on rallies to .9425, add.9460, stop .9505”