USD/CHF potential upside to 0.9800/55 band – Commerzbank
|In view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair could still be headed towards the 0.9800/55 area.
Key Quotes
“USD/CHF near term is neutral to positive. The market continues to consolidate above the base of a 2 year channel (circa .9628), but we suspect it is in fact base building. Upside potential remains for further gains to the .9800/55 band. The March low and 30th May high lie at .9808/14 and we suspect that the market may struggle here. This guards the 200 day ma at .9963, which in turn protects the key resistance, which is now the 1.0108 April high. Dips should find some nearby support offered by the near term support line at .9977(holding on a closing basis).The intraday Elliott counts are conflicting and for now we are side lined”.
“Below .9628, we are unable to dismiss further slippage to .9554/44, but suspect that this is now less likely (the 200 week ma and 2016 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.