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30 Oct 2015
USD/CHF well supported around 0.9775/0.9850 – Commerzbank
FXStreet (Edinburgh) - Karen Jones, Head of FICC Technical Analysis at Commerzbank, sees the pair well supported around the 0.9775/0.9850 area.
Key Quotes
“USD/CHF is consolidating this weeks sharp gains following its daily close above the 2001-2015 downtrend at .9855”.
“Ideally we would like to see a weekly close and preferably a monthly close above here to confirm the break higher, but currently we are happy to just go with it”.
“The intraday Elliott counts are suggesting dips lower will now hold over .9775/.9850. The market has its sights set on .9972, the 2012 highs. Above here sees the 1.0128 March high and then the 1.0295 2015 high”.
Key Quotes
“USD/CHF is consolidating this weeks sharp gains following its daily close above the 2001-2015 downtrend at .9855”.
“Ideally we would like to see a weekly close and preferably a monthly close above here to confirm the break higher, but currently we are happy to just go with it”.
“The intraday Elliott counts are suggesting dips lower will now hold over .9775/.9850. The market has its sights set on .9972, the 2012 highs. Above here sees the 1.0128 March high and then the 1.0295 2015 high”.