16 Jun 2014
USD/CHF poised to challenge 0.9058 – Commerzbank
FXStreet (Edinburgh) - Karen Jones, Head of FICC Technical Analysis at Commerzbank thinks the pair could visit the 0.9058/63 area in the short term.
Key Quotes
“USD/CHF ended the week on a strong note, and is well placed to make further gains this week”.
“The market has recently rebounded from its 38.2% retracement at .8909. It is well placed to tackle tough overhead resistance offered by the 78.6% retracement of the move seen this year at .9058 and the 55 week ma at .9063, we suspect that this will hold the initial test”.
“Initial support is .8909 but an upside bias will be maintained while above the 55 day ma at .8882”.
Key Quotes
“USD/CHF ended the week on a strong note, and is well placed to make further gains this week”.
“The market has recently rebounded from its 38.2% retracement at .8909. It is well placed to tackle tough overhead resistance offered by the 78.6% retracement of the move seen this year at .9058 and the 55 week ma at .9063, we suspect that this will hold the initial test”.
“Initial support is .8909 but an upside bias will be maintained while above the 55 day ma at .8882”.