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3 Jun 2015
USD/CHF rejected by the 55DMA – Commerzbank
FXStreet (Barcelona) - Karen Jones, Head of Technical Analysis at Commerzbank, gives the outlook for USD/CHF, maintaining a cautious outlook on the pair.
Key Quotes
“USD/CHF is showing signs of rejection from the 200 and 55 day ma at .9506/30. The move lower has not taken out key nearby support at .9287 (the low from the 22nd May) but we are cautious as yesterdays move felt somewhat directional.”
“Support at .9287 guards key support, which is the .9072/70 recent low and Fibonacci retracement.”
“A close above the 200 day ma is needed to restore the up move to the .9862 April high.”
“Current Position: Long .9410. Recommended Trade: stop .9285.Exit .9800”
Key Quotes
“USD/CHF is showing signs of rejection from the 200 and 55 day ma at .9506/30. The move lower has not taken out key nearby support at .9287 (the low from the 22nd May) but we are cautious as yesterdays move felt somewhat directional.”
“Support at .9287 guards key support, which is the .9072/70 recent low and Fibonacci retracement.”
“A close above the 200 day ma is needed to restore the up move to the .9862 April high.”
“Current Position: Long .9410. Recommended Trade: stop .9285.Exit .9800”