6 Jan 2016
USD/CHF could test 1.0295 – Commerzbank
FXStreet (Edinburgh) - Karen Jones, Head of FICC Technical Analysis at Commerzbank, believes spot could re-visit the 1.0295 level.
Key Quotes
“USD/CHF has eroded the 1.0035 resistance on a closing basis, which suggests further strength towards 1.0295 and the 1.0328 recent high. A close above here will introduce scope to 1.0732, the 78.6% retracement of the move from 2010 to 2011”.
“Very near term we may consolidate as intraday Elliott wave counts are suggesting that the initial move higher may pause at the 61.8% retracement at 1.0121”.
Key Quotes
“USD/CHF has eroded the 1.0035 resistance on a closing basis, which suggests further strength towards 1.0295 and the 1.0328 recent high. A close above here will introduce scope to 1.0732, the 78.6% retracement of the move from 2010 to 2011”.
“Very near term we may consolidate as intraday Elliott wave counts are suggesting that the initial move higher may pause at the 61.8% retracement at 1.0121”.