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2 Apr 2015
USD/CHF: long for 0.9800 – Commerzbank
FXStreet (Barcelona) - Analyst at Commerzbank, Axel Rudolph, maintains a bullish outlook on USD/CHF, suggesting to remain long, targeting 0.9800.
Key Quotes
“In late March USD/CHF slipped to .9491, close to the 23.6% Fibonacci retracement and the 55- and 200-day moving averages at .9475/.9437, before bouncing back. Minor resistance around the early December high at .9818 and more significant resistance at 1.0000 and also at the March high at 1.0128 continue to be targeted.”
“Only a move above 1.0128 would be regarded as the break up point to the 1.0240 mid-January high and the 1.0295 January 5 high, however.”
“Support below .9475/.947 can be seen around the early February high at .9347.”
“Current Position: Long at .9600.”
“Recommended Trade: Stop at .9600; target is at .9800.”
Key Quotes
“In late March USD/CHF slipped to .9491, close to the 23.6% Fibonacci retracement and the 55- and 200-day moving averages at .9475/.9437, before bouncing back. Minor resistance around the early December high at .9818 and more significant resistance at 1.0000 and also at the March high at 1.0128 continue to be targeted.”
“Only a move above 1.0128 would be regarded as the break up point to the 1.0240 mid-January high and the 1.0295 January 5 high, however.”
“Support below .9475/.947 can be seen around the early February high at .9347.”
“Current Position: Long at .9600.”
“Recommended Trade: Stop at .9600; target is at .9800.”