24 Jul 2014
USD/CHF still targets 0.9169 long term – Commerzbank
FXStreet (Edinburgh) - Karen Jones, Head of FICC Technical Analysis at Commerzbank, suggests the pair is poised to test 0.9169 in the longer term.
Key Quotes
“USD/CHF has stalled just ahead of the .9036 June high”.
“Directly above here lies the 78.6% retracement lies at .9058. These represent some tough overhead resistances for the market and may hold the initial test ahead of gains to the .9127 2014 high”.
“Intraday Elliot wave counts are suggesting that dips should terminate circa .9000/.8965”.
“We suspect that these will all need to be cleared in order to regenerate strong upside interest”.
“We continue to target the 200 week ma at .9169 slightly longer term”.
Key Quotes
“USD/CHF has stalled just ahead of the .9036 June high”.
“Directly above here lies the 78.6% retracement lies at .9058. These represent some tough overhead resistances for the market and may hold the initial test ahead of gains to the .9127 2014 high”.
“Intraday Elliot wave counts are suggesting that dips should terminate circa .9000/.8965”.
“We suspect that these will all need to be cleared in order to regenerate strong upside interest”.
“We continue to target the 200 week ma at .9169 slightly longer term”.