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14 Aug 2015
USD/CHF: interim ceiling at 0.9902? – Commerzbank
FXStreet (Edinburgh) - Karen Jones, Head of FICC Technical Analysis at Commerzbank, hinted at the possibility that the 0.9902 level could be an interim ceiling.
Key Quotes
“USD/CHF has tested and failed at the 78.6% Fibonacci retracement of the March-to-May decline at .9902 several times recently and we are concerned that this is an interim ceiling for the market”.
“Attention has reverted to the .9695/39.short term uptrends. Failure here will trigger a slide to the .9550/26 July 23/31 lows, which is expected to under pin”.
“Only unexpected failure there would allow for an extension of the move lower to the 55 day moving average at .9495 and the .9330 10th July low”.
“A rise and daily chart close above the current August high at .9903 would put the psychological 1.0000 mark back on the map, followed by the March peak at 1.0128”.
Key Quotes
“USD/CHF has tested and failed at the 78.6% Fibonacci retracement of the March-to-May decline at .9902 several times recently and we are concerned that this is an interim ceiling for the market”.
“Attention has reverted to the .9695/39.short term uptrends. Failure here will trigger a slide to the .9550/26 July 23/31 lows, which is expected to under pin”.
“Only unexpected failure there would allow for an extension of the move lower to the 55 day moving average at .9495 and the .9330 10th July low”.
“A rise and daily chart close above the current August high at .9903 would put the psychological 1.0000 mark back on the map, followed by the March peak at 1.0128”.