7 Oct 2014
USD/CHF bid above 0.9432 – Commerzbank
FXStreet (Edinburgh) - According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, the bid tone in spot will prevail above the 0.9432 level.
Key Quotes
“USD/CHF held steady yesterday, it has recently eroded .9595, the 78.6% retracement of the move down from May 2013 and the 2012-2014 resistance line at .9620 and this has introduced scope to .9840, the 2013 high”.
“Beyond here targets .9966/72, the 2012 high and the 61.8% retracement”.
“However the new high has not been confirmed by the RSI and we would allow for a dip back towards the uptrend at .9432”.
“The market remains bid above the accelerated uptrend at 0.9432 and only below here will alleviate immediate upside pressure for a slide back to .9301 (September low)”.
Key Quotes
“USD/CHF held steady yesterday, it has recently eroded .9595, the 78.6% retracement of the move down from May 2013 and the 2012-2014 resistance line at .9620 and this has introduced scope to .9840, the 2013 high”.
“Beyond here targets .9966/72, the 2012 high and the 61.8% retracement”.
“However the new high has not been confirmed by the RSI and we would allow for a dip back towards the uptrend at .9432”.
“The market remains bid above the accelerated uptrend at 0.9432 and only below here will alleviate immediate upside pressure for a slide back to .9301 (September low)”.