30 Mar 2015
USD/CHF still recovering, long for 1.0100 – Commerzbank
FXStreet (Barcelona) - Axel Rudolph, Analyst at Commerzbank, remains bullish on USD/CHF, going long on the pair targeting 1.0100 levels.
Key Quotes
“Last week USD/CHF slipped to .9491, close to the 23.6% Fibonacci retracement and the 55- and 200-day moving averages at .9475/.9422, before bouncing back.”
“Minor resistance around the early December high at .9818 and more significant resistance at 1.0000 and also at the current March high at 1.0128 remain in the picture.”
“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.”
“Support below .9475/.9425 can be seen around the early February high at .9347.”
“Current Position: Long at .9600.”
“Recommended Trade: Add to longs at .9550 with a stop at .9400 and target at 1.0100.”
Key Quotes
“Last week USD/CHF slipped to .9491, close to the 23.6% Fibonacci retracement and the 55- and 200-day moving averages at .9475/.9422, before bouncing back.”
“Minor resistance around the early December high at .9818 and more significant resistance at 1.0000 and also at the current March high at 1.0128 remain in the picture.”
“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.”
“Support below .9475/.9425 can be seen around the early February high at .9347.”
“Current Position: Long at .9600.”
“Recommended Trade: Add to longs at .9550 with a stop at .9400 and target at 1.0100.”