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28 Jan 2015
USD/CHF fails to maintain break of the near-term resistance – Commerzbank
FXStreet (Barcelona) - Karen Jones, Head of Technical Analysis at Commerzbank, notes that USD/CHF failed to sustain the break of the near-term resistance at 0.9128, and as long as the pair trades below this the short-term downside bias remains.
Key Quotes
“USD/CHF tested but did not sustain the break of .0.9128 (61.8% retracement of the sell off) and we suspect the market has topped very near term. Failure here should see a slide back to .8835/25.”
“In order to alleviate immediate downside pressure a move back above 0.9166 is needed. Above here will signal recovery to the .9608/78.6% retracement of the same move.”
“Support 0.8835/.8767 guards the .8452 16th January low.”
“Shorter term (1-3 weeks): Downside bias below .9128/.9608”
Key Quotes
“USD/CHF tested but did not sustain the break of .0.9128 (61.8% retracement of the sell off) and we suspect the market has topped very near term. Failure here should see a slide back to .8835/25.”
“In order to alleviate immediate downside pressure a move back above 0.9166 is needed. Above here will signal recovery to the .9608/78.6% retracement of the same move.”
“Support 0.8835/.8767 guards the .8452 16th January low.”
“Shorter term (1-3 weeks): Downside bias below .9128/.9608”