USD/CHF tough resistance seen at 0.9850/85 – Commerzbank
|The upside momentum in the pair is expected to meet strong resistance in the 0.9850/85 band, suggested Axel Rudolph, Senior Analyst at Commerzbank.
Key Quotes
“USD/CHF pushed hard into the .9808/40 resistance area above which the .9850/85 zone can be seen. The former is made up of the March low, late May high and current October high. The latter contains the 200 day ma, January and April lows as well as the 50% retracement. This area represents tough resistance and we are alert to the idea that it will again hold the topside. A close above .9885 would really ignite upside interest and introduce scope to the .9952/56 May and July 2016 highs”.
“Only failure at the 55 day ma at .9667 would target the .9553 June 30 low and potentially the .9421 September low”.
“Failure at .9422 (September low) would open the way for the August 2015 low at .9260 to be reached”.
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.