17 Jun 2015
USD/CHF range-bound in the near-term – JP Morgan
FXStreet (Edinburgh) - According to analysts at JP Morgan, the outlook on the pair points to a consolidation in the near term.
Key Quotes
“The short term setup for USD/CHF also reflects a two-sided bias as key levels remain well-defined”.
“Similar to the broad USD corrective phase below the March peak, important support levels have held in highlighted by the .9070/75 area”.
“This area includes the 38.2% retracement of the advance from the January low and should continue to act as a short term floor”.
“Still, a break above the .9545 area would be the first sign that a deeper retracement to the March-April decline is underway”.
“Note that a break above the .9880 area remains necessary to confirm a deeper recovery phase. Until then, the range bias is expected to persist”.
Key Quotes
“The short term setup for USD/CHF also reflects a two-sided bias as key levels remain well-defined”.
“Similar to the broad USD corrective phase below the March peak, important support levels have held in highlighted by the .9070/75 area”.
“This area includes the 38.2% retracement of the advance from the January low and should continue to act as a short term floor”.
“Still, a break above the .9545 area would be the first sign that a deeper retracement to the March-April decline is underway”.
“Note that a break above the .9880 area remains necessary to confirm a deeper recovery phase. Until then, the range bias is expected to persist”.