USD/CHF bullish above 0.8970/57 – Commerzbank

By FXstreet.com | August 05, 2014 AAA

FXStreet (Edinburgh) - Karen Jones, Head of FICC Technical Analysis at Commerzbank, sees the pair keeping its bid tone above the 0.8970/57 band.



Key Quotes



USD/CHF sold off on Friday just ahead of the .9127 2014 high and the 0.9163 200 week ma – we are not surprised to see some profit taking here”.



“We continue to highlight that the slow stochastics indicator is turning lower and the market charted a doji last Thursday (candlestick formation that denotes indecision)”.



“Dips lower are expected to hold over .8970/57, the 2 month uptrend, to leave the bull trend entrenched”.



“We continue to target the 200 week ma at .9163 then the 55 month ma at 0.9349 slightly longer term. This held the topside in 2012 and 2013 and is expected to be formidable. Above here at .9392 lies the 29 year downtrend”.



comments powered by Disqus
Related Forex Analysis
  1. USD/CHF consolidating below 0.9550
    Forex News

    USD/CHF consolidating below 0.9550

  2. SNB in no hurry to hike - Goldman Sachs
    Forex News

    SNB in no hurry to hike - Goldman Sachs

  3. USD/CHF Technical Analysis: Pullback Sought to Get Long
    Forex News

    USD/CHF Technical Analysis: Pullback Sought to Get Long

  4. USD/CHF .9580 is a Reaction Level within Range
    Forex News

    USD/CHF .9580 is a Reaction Level within Range

  5. USD/CHF eases from weekly highs
    Forex News

    USD/CHF eases from weekly highs

Trading Center