Forex Flash: USD/CHF looks increasingly to have based – Commerzbank
Forex pairs in this Article »
USD/CHF
FXstreet.com (Barcelona) - Karen Jones, Head of Technical analysis at Commerzbank has taken a look at USDCHF from a technical perspective.
USDCHF has seen a strong rebound from the 0.9240 support region which has been repeatedly tested over the past two weeks notes Jones. Consequentially, she suspects that the market has based for now. She notes that the outside week to the topside charted last week and the buy signal given by positive slow stochastics and DMI. However, she highlights that this has not yet been confirmed as a buy as MACD remains below zero.
Jones sees initial resistance offered by the daily 200 MA at 0.9424, but believes that we should see an eventual retest of the 0.9505/13 recent highs and resistance. Below 0.9240 will target the three month support line at 0.9174. Jones is currently long at 0.9264 and has raised her stop from 0.9240 to 0.9245, with a target of 0.9500.
USDCHF has seen a strong rebound from the 0.9240 support region which has been repeatedly tested over the past two weeks notes Jones. Consequentially, she suspects that the market has based for now. She notes that the outside week to the topside charted last week and the buy signal given by positive slow stochastics and DMI. However, she highlights that this has not yet been confirmed as a buy as MACD remains below zero.
Jones sees initial resistance offered by the daily 200 MA at 0.9424, but believes that we should see an eventual retest of the 0.9505/13 recent highs and resistance. Below 0.9240 will target the three month support line at 0.9174. Jones is currently long at 0.9264 and has raised her stop from 0.9240 to 0.9245, with a target of 0.9500.
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