15 Jun 2015
USD/CHF: buy dips towards 0.9290 – Commerzbank
FXStreet (Barcelona) - According to Karen Jones, Head of Technical Analysis at Commerzbank, USD/CHF is holding last week’s low and looks set to tackle downtrend at .9447.
Key Quotes
“USD/CHF again held support at .9234 (recent low but remains dominated by the 7 week downtrend at .9447. Overhead resistance is reinforced by the 200 day ma at .9534 and this will need to be overcome to initiate further upside interest presently.”
“Below .9234 we remain unable to rule out a slide back to circa 0.9175 and possibly the .9072/70 recent low and Fibonacci retracement. The intraday charts are not indicating that this is unlikely.”
“Recommended Trade: Reinstate longs on dips to .9290, stops, .9230.”
Key Quotes
“USD/CHF again held support at .9234 (recent low but remains dominated by the 7 week downtrend at .9447. Overhead resistance is reinforced by the 200 day ma at .9534 and this will need to be overcome to initiate further upside interest presently.”
“Below .9234 we remain unable to rule out a slide back to circa 0.9175 and possibly the .9072/70 recent low and Fibonacci retracement. The intraday charts are not indicating that this is unlikely.”
“Recommended Trade: Reinstate longs on dips to .9290, stops, .9230.”