26 Nov 2015
USD/CHF bid above 1.0145/22 – Commerzbank
FXStreet (Edinburgh) - Karen Jones, Head of FICC Technical Analysis at Commerzbank, argued the pair’s outlook remains bullish above the 1.0145/22 area.
Key Quotes
“USD/CHF continues to defy gravity and again surged higher”.
“Focus is on the 1.0295 2015 high and we continue to suspect some profit taking here. Currently the market remains immediately bid above the 1.0145/22 19th and 24th November lows”.
“But the daily Elliott wave count is suggesting that we will see a correction back into the 1.0050/.9940 band ahead of another leg higher”.
“We also have a divergence of the daily RSI and a 13 count on the daily – both point to initial failure here”.
Key Quotes
“USD/CHF continues to defy gravity and again surged higher”.
“Focus is on the 1.0295 2015 high and we continue to suspect some profit taking here. Currently the market remains immediately bid above the 1.0145/22 19th and 24th November lows”.
“But the daily Elliott wave count is suggesting that we will see a correction back into the 1.0050/.9940 band ahead of another leg higher”.
“We also have a divergence of the daily RSI and a 13 count on the daily – both point to initial failure here”.