Karen Jones, Head of Technical Analysis at Commerzbank, gives the technical outlook for EUR/CHF and USD/CHF, expecting both the pairs to move higher.
Key Quotes
“USD/CHF continues to grind slowly higher and the market looks well placed to tackle .0.9128 (61.8% retracement of the sell off). In order to reassert upside pressure, a move back above 0.9166 is needed. Above here will signal recovery to the .9608/78.6% retracement of the same move.”
“Failure at .9128/66 should see a slide back to .8835/25. Support 0.8835/.8767 guards the .8452 16th January low.”
“Shorter term (1-3 weeks): Downside bias below .9128/.9608”
“EUR/CHF enjoyed a brief spike to 1.0385 but quickly dived lower. We are unable to rule out further moves higher but look for the market to remain capped by 1.0600/70.”
“While capped 1.0670 (61.8% retracement) a negative bias will persist for a retest of the overnight low at .9715 charted 15th January. Below here support lies .9307/40. Initial support is 1.0080.”
Key Quotes
“USD/CHF continues to grind slowly higher and the market looks well placed to tackle .0.9128 (61.8% retracement of the sell off). In order to reassert upside pressure, a move back above 0.9166 is needed. Above here will signal recovery to the .9608/78.6% retracement of the same move.”
“Failure at .9128/66 should see a slide back to .8835/25. Support 0.8835/.8767 guards the .8452 16th January low.”
“Shorter term (1-3 weeks): Downside bias below .9128/.9608”
“EUR/CHF enjoyed a brief spike to 1.0385 but quickly dived lower. We are unable to rule out further moves higher but look for the market to remain capped by 1.0600/70.”
“While capped 1.0670 (61.8% retracement) a negative bias will persist for a retest of the overnight low at .9715 charted 15th January. Below here support lies .9307/40. Initial support is 1.0080.”
