8 Apr 2015
USD/CHF bounces off 0.9484 current April low – Commerzbank
FXStreet (Barcelona) - Axel Rudolph, Analyst at Commerzbank, notes that as long as the lows at 0.9484 and 0.9347 hold, USD/CHF might still be able to reach higher levels around 0.9818 and 1.0000.
Key Quotes
“In early April USD/CHF slipped to .9484, right within the 23.6% Fibonacci retracement and the 55- and 200-day moving averages at .9517/.9451, before bouncing back.”
“Below it lies the early February high at .9347. While it holds, resistance around the early December high at .9818 and more significant resistance at 1.0000 and also at the March high at 1.0128 could still be reached.”
“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.”
Key Quotes
“In early April USD/CHF slipped to .9484, right within the 23.6% Fibonacci retracement and the 55- and 200-day moving averages at .9517/.9451, before bouncing back.”
“Below it lies the early February high at .9347. While it holds, resistance around the early December high at .9818 and more significant resistance at 1.0000 and also at the March high at 1.0128 could still be reached.”
“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.”