13 May 2014
USD/CHF potential upside to 0.8953
FXStreet (Edinburgh) - According to Axel Rudolph, Senior Technical Analyst at Commerzbank, the recent bull run in USD/CHF opens the door for a test of the mid-0.8900s.
Key Quotes
“USD/CHF strongly reversed off its .8703 current May low and not only broke through the 2014 resistance line at .8850 but also made a weekly close above it. This points to a major reversal being made”.
“The break and daily close above the .8862 April 22 high should trigger gains towards the .8953 April high and then to the 200 day moving average at .9007 over the coming weeks”.
“Intraday dips should find initial support around the .8851 late April high and further down around the .8800 mark and at .8771, the late April low”.
Key Quotes
“USD/CHF strongly reversed off its .8703 current May low and not only broke through the 2014 resistance line at .8850 but also made a weekly close above it. This points to a major reversal being made”.
“The break and daily close above the .8862 April 22 high should trigger gains towards the .8953 April high and then to the 200 day moving average at .9007 over the coming weeks”.
“Intraday dips should find initial support around the .8851 late April high and further down around the .8800 mark and at .8771, the late April low”.