29 Jul 2013
Flash: CHF Fibo support at 0.9269 holding - Commerzbank
FXstreet.com (London) - Karen Jones, Head of FICC Technical Analysis at Commerzbank said USD/CHF last week sold off to and held over the 0.9269/78.6% retracement.
Key Quotes:
“Rallies will need to regain the accelerated downtrend at 0.9366 in order to alleviate immediate downside pressure and signal recovery to the 55 day ma at 0.9463 in order to introduce scope to the 0.9568 March high”.
“Support at 0.9269, the 78.6% retracement is regarded as the last defence for the 0.9130 June low”.
“Above the .9568 March high should see upside interest re-engage and retarget the 0.9753 July high”.
“Shorter term (1-3 weeks): on the defensive”.
“Medium term (1-3 months): Positive above 0.9000, targets the 0.9972 2012 high (end of year target)”.
Key Quotes:
“Rallies will need to regain the accelerated downtrend at 0.9366 in order to alleviate immediate downside pressure and signal recovery to the 55 day ma at 0.9463 in order to introduce scope to the 0.9568 March high”.
“Support at 0.9269, the 78.6% retracement is regarded as the last defence for the 0.9130 June low”.
“Above the .9568 March high should see upside interest re-engage and retarget the 0.9753 July high”.
“Shorter term (1-3 weeks): on the defensive”.
“Medium term (1-3 months): Positive above 0.9000, targets the 0.9972 2012 high (end of year target)”.