Forex Flash: USD/CHF holding support at .9240/15 – Commerzbank
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USD/CHF
FXstreet.com (Barcelona) - Karen Jones, Head of Technical Analysis at Commerzbank has taken a look at USDCHF from a purely technical perspective.
Jones begins by noting that USDCHF is attempting to rebound from support offered by 0.9240 and 0.9215, both lows seen since September. She remains unable to rule out a possible expanding bas pattern. Jones writes, "These occur as the market breaks to new lows but does not sustain the move. The base of this expanding triangle is found circa .9176, but the downside is viewed as pretty limited - we note the 13 count on the 240 chart and the TD perfection set up on the daily chart."
Jones sees initial resistance offered by the 55 and 200 MA's at 0.9351 and 0.9422 respectively, but spot should see an eventual retest of the 0.9505/13 recent highs and resistance. She notes that movement below the 0.9178 will target 0.9105, the 61.8% retracement from the move up from the October 2011 low. Jones is currently long at 0.9264 with a stop at 0.9215 and a target of 0.9500.
Jones begins by noting that USDCHF is attempting to rebound from support offered by 0.9240 and 0.9215, both lows seen since September. She remains unable to rule out a possible expanding bas pattern. Jones writes, "These occur as the market breaks to new lows but does not sustain the move. The base of this expanding triangle is found circa .9176, but the downside is viewed as pretty limited - we note the 13 count on the 240 chart and the TD perfection set up on the daily chart."
Jones sees initial resistance offered by the 55 and 200 MA's at 0.9351 and 0.9422 respectively, but spot should see an eventual retest of the 0.9505/13 recent highs and resistance. She notes that movement below the 0.9178 will target 0.9105, the 61.8% retracement from the move up from the October 2011 low. Jones is currently long at 0.9264 with a stop at 0.9215 and a target of 0.9500.
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