13 May 2015
Swiss franc poised for further gains – JP Morgan
FXStreet (Edinburgh) - Analysts at JP Morgan expect the Swiss currency to keep its upside momentum in the upcoming periods.
Key Quotes
“The CHF recovery of the last 3 months seems to have room to extend to 0.9657 (50 %) in EUR/CHF, but hasn’t displayed the classical countertrend setback/rebound (wave B) in between yet, so that we have to keep a close eye on trigger levels for such a rebound”.
“The same applies for USD/CHF where the downside remains open for a straight extension to 0.8815/00 and 0.8745 (int. wave 3 projection/daily Ichimoku-lagging/50 %) as long as resistance between 0.9320/75 (minor 38.2 % on 2 scales) and 0.9481 (pivot) is capping the upside”.
“Above the latter though, 0.9865/80 (pivot/76.4 %) would come into focus”.
Key Quotes
“The CHF recovery of the last 3 months seems to have room to extend to 0.9657 (50 %) in EUR/CHF, but hasn’t displayed the classical countertrend setback/rebound (wave B) in between yet, so that we have to keep a close eye on trigger levels for such a rebound”.
“The same applies for USD/CHF where the downside remains open for a straight extension to 0.8815/00 and 0.8745 (int. wave 3 projection/daily Ichimoku-lagging/50 %) as long as resistance between 0.9320/75 (minor 38.2 % on 2 scales) and 0.9481 (pivot) is capping the upside”.
“Above the latter though, 0.9865/80 (pivot/76.4 %) would come into focus”.