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8 Sep 2014
USD/CHF profit-taking is not ruled out – Commerzbank
FXStreet (Edinburgh) - Karen Jones, Head of FICC Technical Analysis at Commerzbank, hints at the possibility of some profit taking in the pair following the recent upside.
Key Quotes
“USD/CHF at the end of last week reached our .9325/36 major target”.
“This is a major juncture for the currency pair it is the location of the 55 month moving average and the 29 year downtrend”.
“We look for this to provoke some profit taking/hold the initial test, however so far we have seen no failure at this key juncture and price action today should be key”.
“Initial support lies at .9198/75 ahead of the .9115 August 6 high. While it remains above the August 22 low at .9104, upside momentum should be maintained”.
“Longer term a weekly close above the .9236 level would be a MAJOR break higher and is the minimum required to assume this level has been taken out and will see further upside targets of .9840 (May 2013 high) engage”.
Key Quotes
“USD/CHF at the end of last week reached our .9325/36 major target”.
“This is a major juncture for the currency pair it is the location of the 55 month moving average and the 29 year downtrend”.
“We look for this to provoke some profit taking/hold the initial test, however so far we have seen no failure at this key juncture and price action today should be key”.
“Initial support lies at .9198/75 ahead of the .9115 August 6 high. While it remains above the August 22 low at .9104, upside momentum should be maintained”.
“Longer term a weekly close above the .9236 level would be a MAJOR break higher and is the minimum required to assume this level has been taken out and will see further upside targets of .9840 (May 2013 high) engage”.