7 May 2015
USD/CHF aiming for 0.9070 – Commerzbank
FXStreet (Barcelona) - USD/CHF remains offered while below 0.9484 and is now moving towards the short-term target at 0.9070, according to Karen Jones, Head of Technical Analysis at Commerzbank.
Key Quotes
“USD/CHF remained under pressure yesterday and will shortly encounter the .9070 38.2% retracement of the move seen this year. This is our short term target and given the TD perfected set up on the daily chart we have opted to cover our shorts.”
“It is directly offered while we continue to trade below the April low at .9484.”
“Below .9070 would see another downside target of .8744 engage this is the 50% retracement of the same move.”
“Current Position: Shorts from .9425 partially covered .9180 Recommended Trade: For remaining shorts exit at market (circa .9168)”
Key Quotes
“USD/CHF remained under pressure yesterday and will shortly encounter the .9070 38.2% retracement of the move seen this year. This is our short term target and given the TD perfected set up on the daily chart we have opted to cover our shorts.”
“It is directly offered while we continue to trade below the April low at .9484.”
“Below .9070 would see another downside target of .8744 engage this is the 50% retracement of the same move.”
“Current Position: Shorts from .9425 partially covered .9180 Recommended Trade: For remaining shorts exit at market (circa .9168)”