8 Jul 2015
USD/CHF stalling ahead of the 200DMA at 0.9528/43 – Commerzbank
FXStreet (Barcelona) - Karen Jones, Head of Technical Analysis at Commerzbank, believes that USD/CHF is poised to test 0.9528/43 and a break above this would expose 0.9600.
Key Quotes
“USD/CHF is poised to encounter the 200 day ma and the May high at .9528/43. This is now exposed and above here lies the .9600 then .9725 50% and 61.8% retracement of the move down from the March 2015 high then the 0.9862 April high.”
“Dips lower should find some support circa .9400 and the 55 day ma at .9349, the market will stay immediately bid above here.”
“Current Position: Long .9405 Recommended Trade: Raise the stop .from 9350 to .9395. Partially cover .9525 and exit the remainder .9600.”
Key Quotes
“USD/CHF is poised to encounter the 200 day ma and the May high at .9528/43. This is now exposed and above here lies the .9600 then .9725 50% and 61.8% retracement of the move down from the March 2015 high then the 0.9862 April high.”
“Dips lower should find some support circa .9400 and the 55 day ma at .9349, the market will stay immediately bid above here.”
“Current Position: Long .9405 Recommended Trade: Raise the stop .from 9350 to .9395. Partially cover .9525 and exit the remainder .9600.”