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21 Apr 2015
USD/CHF holds the 0.9484 low, bullish target remains – Commerzbank
FXStreet (Barcelona) - Karen Jones, Head of Technical Analysis at Commerzbank, maintains the bullish view on USD/CHF, anticipating a move towards 0.9800 as long as 0.9478 low holds on daily closing basis.
Key Quotes
“USD/CHF last week sold off to key support offered by the April low at .9484 and 200 day ma at .9484 and this is continuing to hold. The rebound from here will need to regain the .9862 peak to retarget 1.00 and above.”
“Initial resistance is offered by the 55 day ma at .9615.”
“Meanwhile a close below .9478 would trigger losses towards the .9347 2nd February high and beyond.”
“Beyond .9862 (last weeks high) lies more significant resistance at 1.0000 and the March high at 1.0128. Only a move above 1.0128 would be regarded as the break up point to the 1.0240 mid-January high and the 1.0295 January 5 high, however.”
“Current Position: Longs reinstated .9495. Recommended Trade: Stops.9480. Exit .9800”
Key Quotes
“USD/CHF last week sold off to key support offered by the April low at .9484 and 200 day ma at .9484 and this is continuing to hold. The rebound from here will need to regain the .9862 peak to retarget 1.00 and above.”
“Initial resistance is offered by the 55 day ma at .9615.”
“Meanwhile a close below .9478 would trigger losses towards the .9347 2nd February high and beyond.”
“Beyond .9862 (last weeks high) lies more significant resistance at 1.0000 and the March high at 1.0128. Only a move above 1.0128 would be regarded as the break up point to the 1.0240 mid-January high and the 1.0295 January 5 high, however.”
“Current Position: Longs reinstated .9495. Recommended Trade: Stops.9480. Exit .9800”