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3 Mar 2015
USD/CHF short towards 0.9475 – Commerzbank
FXStreet (Barcelona) - Karen Jones, Head of Technical Analysis at Commerzbank, gives the technical outlook for USD/CHF, suggesting selling the pair at market, targeting 0.9475 levels.
Key Quotes
“USD/CHF is approaching the .9608/25, 78.6% retracement of the sell off seen in January and we believe that this will hold the initial test. Dips lower will find key support at the .9360 October 2014 low and ahead of here lies a short term uptrend at .9455.”
“The resistance at .9608/25 is expected to act as the break point to the .9818 December 2014 high.”
“This market is bid above .9360, failure here will target the February low at .9177 and then .9080/00 zone. Ahead of here lies the .9455 support line.”
“Recommended Trade: Attempt tiny shorts at market, add .9590, stop .9625. Exit .9475.”
“Shorter term (1-3 weeks): Downside bias below .9608”
Key Quotes
“USD/CHF is approaching the .9608/25, 78.6% retracement of the sell off seen in January and we believe that this will hold the initial test. Dips lower will find key support at the .9360 October 2014 low and ahead of here lies a short term uptrend at .9455.”
“The resistance at .9608/25 is expected to act as the break point to the .9818 December 2014 high.”
“This market is bid above .9360, failure here will target the February low at .9177 and then .9080/00 zone. Ahead of here lies the .9455 support line.”
“Recommended Trade: Attempt tiny shorts at market, add .9590, stop .9625. Exit .9475.”
“Shorter term (1-3 weeks): Downside bias below .9608”