Forex Flash: USD/CHF unchanged and looking like based – Commerzbank
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 near term weakness for the pair is viewed as corrective and she is looking for the market to stabilise shortly, well ahead of the 0.9240 support area which has repeatedly been tested over the past two weeks. She suspects that the market has based for now. Again, Jones highlights that the outside week to the topside charted last week and there is a buy signal given by Slow Stochastics and DMI which has not yet been confirmed yet as the MACD remains below zero.
Jones sees initial resistance is offered by the 200 D MA at 0.9426, but she believes that we can see an eventual retest of the 0.9505/13 recent highs and resistance. Below 0.9240 will target 0.9171, 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 near term weakness for the pair is viewed as corrective and she is looking for the market to stabilise shortly, well ahead of the 0.9240 support area which has repeatedly been tested over the past two weeks. She suspects that the market has based for now. Again, Jones highlights that the outside week to the topside charted last week and there is a buy signal given by Slow Stochastics and DMI which has not yet been confirmed yet as the MACD remains below zero.
Jones sees initial resistance is offered by the 200 D MA at 0.9426, but she believes that we can see an eventual retest of the 0.9505/13 recent highs and resistance. Below 0.9240 will target 0.9171, 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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