Forex Flash: USD/CHF looks 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 purely technical perspective.
Jones notes that she sees no real change in the pair today, and at the end of last week the market saw a strong rebound from the 0.9240 support area which has been repeatedly tested over the past two weeks. Jones therefore suspects that the market may have based for now. She notes the outside week to the topside charted last week and the buy signal given by positive Slow Stochastics and DMI. However, Jones states that this is not yet a confirmed buy as MACD remains below zero.
She sees initial resistance if offered by the 200 D MA at 0.9424, but spot should see an eventual retest of the 0.9505/13 recent highs and resistance. Below, the 0.9240 will target 0.9174, the three month support line. Jones is currently long at 0.9264 with a stop at 0.9245 and a target of 0.9500.
Jones notes that she sees no real change in the pair today, and at the end of last week the market saw a strong rebound from the 0.9240 support area which has been repeatedly tested over the past two weeks. Jones therefore suspects that the market may have based for now. She notes the outside week to the topside charted last week and the buy signal given by positive Slow Stochastics and DMI. However, Jones states that this is not yet a confirmed buy as MACD remains below zero.
She sees initial resistance if offered by the 200 D MA at 0.9424, but spot should see an eventual retest of the 0.9505/13 recent highs and resistance. Below, the 0.9240 will target 0.9174, the three month support line. Jones is currently long at 0.9264 with a stop at 0.9245 and a target of 0.9500.
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