USD/CHF positive while above 0.9875/72 – Commerzbank
|According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair’s stance should remain positive as long as it trades above the 0.9875/72 area.
Key Quotes
“USD/CHF has reversed from just below the psychological 1.0000 level and actually charted a key day reversal. It remains underpinned by the 55 day moving average and uptrend at .9875/72 and while above here is positive. The Elliott wave count continues to indicate that the recent move to .9789 was the end of the correction lower. Nearby target is 1.0057, the recent high. This guards the 1.0093/1.0108 (April 2017 high and 78.6% retracement) and then 1.0343, the 2016 high. It is immediately bid above the .9835 4 month uptrend”.
“Failure at 9730/24 (38.2% retracement + 200 day ma) will target the .9535 10th April low and below here will trigger losses to .9425, the 14th March low”.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.