1 May 2014
USD/CHF bearish below 0.8858/62 – Commerzbank
FXStreet (Edinburgh) - The USD/CHF remains bearish while trades below the 0.8858/62 area, observed Karen Jones, Head of FICC Technical Analysis at Commerzbank.
Key Quotes
“USD/CHF is regarded as negative short term while capped by .8858/62 (the 2013-2014 downtrend)”.
“We have a short term support line at .8773 ahead of the recent low at .8743 – this is regarded as the last defence for the .8698 March low”.
“We have a downside sloping line, which connects the last 3 lows since October 2013 and this comes in at .8638, a slide to and recovery from here (if tested) is our favoured scenario”.
“Rallies need to regain .8858/62 (2013-2014 resistance line) to negate the downside risk and retarget the .8883 resistance line and the .8953 recent high.
Key Quotes
“USD/CHF is regarded as negative short term while capped by .8858/62 (the 2013-2014 downtrend)”.
“We have a short term support line at .8773 ahead of the recent low at .8743 – this is regarded as the last defence for the .8698 March low”.
“We have a downside sloping line, which connects the last 3 lows since October 2013 and this comes in at .8638, a slide to and recovery from here (if tested) is our favoured scenario”.
“Rallies need to regain .8858/62 (2013-2014 resistance line) to negate the downside risk and retarget the .8883 resistance line and the .8953 recent high.