1 May 2015
USD/CHF remains a sell for 0.9070 – Commerzbank
FXStreet (Barcelona) - Karen Jones, Head of Technical Analysis at Commerzbank, maintains a negative bias on USD/CHF while the pair trades below 0.9494/9505, targeting a move lower towards 0.9070.
Key Quotes
“USD/CHF has broken below key support offered by the April low at .9484 and 200 day ma at .9503 and appears to have topped short term.”
“While capped by the 0.9694 resistance line, a negative bias will now persist.”
“Intraday rallies should now find the .9494/.9505 region offers tough immediate resistance.”
“The close below .9484 targets the .9177 6th February low and the .9070 38.2% retracement of the move seen this year.”
“Current Position: Holding small shorts .9425. Recommended Trade: add.9460, stop .9505. Exit .9070.”
“Shorter term (1-3 weeks): topped for now – negative bias below the resistance line”
“Medium term (1-3 months): Risks shifted to the downside – using the top to provide a downside measurement targets ,8850.”
Key Quotes
“USD/CHF has broken below key support offered by the April low at .9484 and 200 day ma at .9503 and appears to have topped short term.”
“While capped by the 0.9694 resistance line, a negative bias will now persist.”
“Intraday rallies should now find the .9494/.9505 region offers tough immediate resistance.”
“The close below .9484 targets the .9177 6th February low and the .9070 38.2% retracement of the move seen this year.”
“Current Position: Holding small shorts .9425. Recommended Trade: add.9460, stop .9505. Exit .9070.”
“Shorter term (1-3 weeks): topped for now – negative bias below the resistance line”
“Medium term (1-3 months): Risks shifted to the downside – using the top to provide a downside measurement targets ,8850.”