15 Jul 2015
USD/CHF faces strong resistance at 0.9525/43 – Commerzbank
FXStreet (Edinburgh) - Karen Jones, Head of FICC Technical Analysis at Commerzbank, sees the 0.9525/43 band as a tough barrier for the pair so far.
Key Quotes
“USD/CHF has rallied yesterday but continues to face the 200 day ma at .9525 and the May high at .9543. The market is now pushing hard into this area, but appears to be lacking the momentum to actually break higher at the moment”.
“Above here will introduce scope to the .9600 then .9725 50% and 61.8% retracement of the move down from the March high”.
“Failure here again will leave the market back in the middle of the .9072 - .9543 band where we have been for 2 long months. While capped by .9525/43, we would allow for slippage to the .9204 2 month support line”.
Key Quotes
“USD/CHF has rallied yesterday but continues to face the 200 day ma at .9525 and the May high at .9543. The market is now pushing hard into this area, but appears to be lacking the momentum to actually break higher at the moment”.
“Above here will introduce scope to the .9600 then .9725 50% and 61.8% retracement of the move down from the March high”.
“Failure here again will leave the market back in the middle of the .9072 - .9543 band where we have been for 2 long months. While capped by .9525/43, we would allow for slippage to the .9204 2 month support line”.