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2 Aug 2013
Flash: USD/CHF upside bias – Commerzbank
FXstreet.com (London) - Karen Jones, Head of FICC Technical Analysis at Commerzbank said that the USD/CHF had seen some very choppy price action around the 78.6% retracement at 0.9269.
Key Quotes:
“It was clearly reluctant to sustain a break below there. She noted that rallies had eroded the 200 day ma at 0.9360 and this introduces scope to the 55 day ma at 0.9438, where the Elliot wave count is suggesting we fail (although there are conflicting signals)”.
“Above here is needed to introduce scope to the 0.9568 March high. Support is seen at 0.9228 ahead of the 0.9130 June low. Above the 0.9568 March high should see upside interest re-engage and retarget the 0.9753 July high”.
Key Quotes:
“It was clearly reluctant to sustain a break below there. She noted that rallies had eroded the 200 day ma at 0.9360 and this introduces scope to the 55 day ma at 0.9438, where the Elliot wave count is suggesting we fail (although there are conflicting signals)”.
“Above here is needed to introduce scope to the 0.9568 March high. Support is seen at 0.9228 ahead of the 0.9130 June low. Above the 0.9568 March high should see upside interest re-engage and retarget the 0.9753 July high”.