11 Aug 2015
USD/CHF positive above 0.9550 – Commerzbank
FXStreet (Edinburgh) - Axel Rudolph, Senior Currency Strategist at Commerzbank, argued the outlook on the pair remains positive while above 0.9550.
Key Quotes
“USD/CHF has reached the April high at .9862 and came close to the 78.6% Fibonacci retracement of the March-to-May decline at .9902. A rise and daily chart close above it will put the psychological 1.0000 mark back on the map, followed by the March peak at 1.0128”.
“Minor support comes in at Monday’s .9777 low and further support around the .9720 late July high. While the next lower .9550 July 31 low underpins, upside pressure should be maintained. Only unexpected failure there would allow for an extension of the move lower to the 55 day moving average at .9475”.
Key Quotes
“USD/CHF has reached the April high at .9862 and came close to the 78.6% Fibonacci retracement of the March-to-May decline at .9902. A rise and daily chart close above it will put the psychological 1.0000 mark back on the map, followed by the March peak at 1.0128”.
“Minor support comes in at Monday’s .9777 low and further support around the .9720 late July high. While the next lower .9550 July 31 low underpins, upside pressure should be maintained. Only unexpected failure there would allow for an extension of the move lower to the 55 day moving average at .9475”.