13 Aug 2015
USD/CHF upside sustained above 0.9550 – Commerzbank
FXStreet (Edinburgh) - Senior Technical Analyst at Commerzbank Axel Rudolph sees the positive bias in the pair prevailing while above the 0.9550 level.
Key Quotes
“USD/CHF reached the 78.6% Fibonacci retracement of the March-to-May decline at .9902 before rapidly coming off it and slipping all the way to the 61.8% Fibonacci retracement at .9725”.
“This is marginally above the .9720 late July high and the uptrend channel support line at .9681 which we expect to hold today”.
“While the next lower .9550 July 31 low underpins, upside pressure should be maintained”.
“Only unexpected failure there would allow for an extension of the move lower to the 55 day moving average at .9489”.
“A rise and daily chart close above the current August high at .9903 would put the psychological 1.0000 mark back on the map, followed by the March peak at 1.0128”.
Key Quotes
“USD/CHF reached the 78.6% Fibonacci retracement of the March-to-May decline at .9902 before rapidly coming off it and slipping all the way to the 61.8% Fibonacci retracement at .9725”.
“This is marginally above the .9720 late July high and the uptrend channel support line at .9681 which we expect to hold today”.
“While the next lower .9550 July 31 low underpins, upside pressure should be maintained”.
“Only unexpected failure there would allow for an extension of the move lower to the 55 day moving average at .9489”.
“A rise and daily chart close above the current August high at .9903 would put the psychological 1.0000 mark back on the map, followed by the March peak at 1.0128”.