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5 May 2015
USD/CHF negative bias persists - Commerzbank
FXStreet (Barcelona) - Karen Jones, Head of Technical Analysis at Commerzbank, believes that USD/CHF might have topped short-term, and negative bias for a test of 0.9177 remains while the pair trades below 0.9670.
Key Quotes
“USD/CHF has broken below key support offered by the April low at .9484 and 200 day ma at .9505 and appears to have topped short term.”
“While capped by the .9670 resistance line, a negative bias will persist. Intraday rallies should find the .9470/.9505 region offers tough immediate resistance.”
“The close below .9484 targets the .9177 6th February low and the .9070 38.2% retracement of the move seen this year.”
“Current Position: Holding small shorts .9425.”
“Recommended Trade: add.9460, stop .9505. Exit .9070.”
Key Quotes
“USD/CHF has broken below key support offered by the April low at .9484 and 200 day ma at .9505 and appears to have topped short term.”
“While capped by the .9670 resistance line, a negative bias will persist. Intraday rallies should find the .9470/.9505 region offers tough immediate resistance.”
“The close below .9484 targets the .9177 6th February low and the .9070 38.2% retracement of the move seen this year.”
“Current Position: Holding small shorts .9425.”
“Recommended Trade: add.9460, stop .9505. Exit .9070.”