USD/CHF some correction is expected – Commerzbank

By FXstreet.com | August 07, 2014 AAA

FXStreet (Edinburgh) - Karen Jones, Head of FICC Technical Analysis at Commerzbank, does not rule out the likeliness of a correction lower in the pair.



Key Quotes



USD/CHF has reversed just ahead of the .9127 2014 high and the 0.9163 200 week ma – we would allow for this to hold the initial test”.



“The high yesterday of .9115 was accompanied by a large divergence of the daily RSI and we would allow for some near term slippage to the .9036 June high Key support is regarded as .8976/65, the 3 month uptrend, and while this holds 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/JPY Traders Await Clearer Guidance As A Doji Signals Hesitation
    Forex News

    USD/JPY Traders Await Clearer Guidance As A Doji Signals Hesitation

  2. USD/JPY is dancing around 107.00
    Forex News

    USD/JPY is dancing around 107.00

  3. USD/CAD Tests Critical Barrier As Intraday Dojis Denote Indecision
    Forex News

    USD/CAD Tests Critical Barrier As Intraday Dojis Denote Indecision

  4. NZD/USD Stalls At 0.8000 Barrier As A Doji Arises & Volume Fades
    Forex News

    NZD/USD Stalls At 0.8000 Barrier As A Doji Arises & Volume Fades

  5. EUR/USD sidelined above 1.2700
    Forex News

    EUR/USD sidelined above 1.2700

Trading Center