12 Sep 2014
USD/CHF eyes 0.9405 in the short term – Commerzbank
FXStreet (Edinburgh) - According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, there is the potential for the pair to hit 0.9405 in the near term.
Key Quotes
“USD/CHF is consolidating around .9325/36 – this is a major juncture representing the 55 month moving average and the 29 year downtrend”.
“We are cautious - we note the TD perfected set up on the weekly chart and the market has stalled at initial resistance at.9395/.9403 a Fibonacci extension and retracement”.
“Beyond a small dip lower we target .9595, the 78.6% retracement of the move down from 2013”.
“Initial support lies at .9251, the November 2013 high and then .9242 the accelerated uptrend. This guards the .9115 August 6 high and the August 22 low at .9104, while above here upside momentum should be maintained”.
“Longer term a weekly close above the .9236 level would be a MAJOR break higher and will see further longer term upside targets of .9840 (May 2013 high) engage”.
Key Quotes
“USD/CHF is consolidating around .9325/36 – this is a major juncture representing the 55 month moving average and the 29 year downtrend”.
“We are cautious - we note the TD perfected set up on the weekly chart and the market has stalled at initial resistance at.9395/.9403 a Fibonacci extension and retracement”.
“Beyond a small dip lower we target .9595, the 78.6% retracement of the move down from 2013”.
“Initial support lies at .9251, the November 2013 high and then .9242 the accelerated uptrend. This guards the .9115 August 6 high and the August 22 low at .9104, while above here upside momentum should be maintained”.
“Longer term a weekly close above the .9236 level would be a MAJOR break higher and will see further longer term upside targets of .9840 (May 2013 high) engage”.