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24 Feb 2015
Outlook for EUR and USD against CHF – Commerzbank
FXStreet (Barcelona) - Karen Jones, Head of Technical Analysis at Commerzbank, gives the technical outlook fur EUR/CHF and USD/CHF.
Key Quotes
“EUR/CHF executed a key day reversal on Friday but it held over the 1.0670/42 region – this was the 61.8% retracement of the sell off and the 5th February high, and while above here the market will remain bid.”
“However it does suggest caution and we suspect that the market will struggle to overcome the 1.0811 recent high.”
“If long we would tighten stops to 1.0705.”
“This has introduced scope to 1.08455 (Fibonacci extension), then 1.1003, 1.1255 (78.6% retracement of the sell off).”
“Below 1.0640 would allow for a 1.0560/1.04 retracement ahead of further attempts higher.”
“USD/CHF has sold off towards and recovered from the .9360 October 2014 low and while under pinned by this support the market is well placed to tackle the 200 day ma at .9503. It failed to sustain a minor breach above here on Friday there is scope for the .9608 Fibo, where it is likely to fail on the initial test.”
“This market is bid above .9360, failure here will target the February low and then .9080/00 zone.”
“Current Position: Holding tiny longs .9400. Recommended Trade: Leave stops .9360. Exit .9575.”
Key Quotes
“EUR/CHF executed a key day reversal on Friday but it held over the 1.0670/42 region – this was the 61.8% retracement of the sell off and the 5th February high, and while above here the market will remain bid.”
“However it does suggest caution and we suspect that the market will struggle to overcome the 1.0811 recent high.”
“If long we would tighten stops to 1.0705.”
“This has introduced scope to 1.08455 (Fibonacci extension), then 1.1003, 1.1255 (78.6% retracement of the sell off).”
“Below 1.0640 would allow for a 1.0560/1.04 retracement ahead of further attempts higher.”
“USD/CHF has sold off towards and recovered from the .9360 October 2014 low and while under pinned by this support the market is well placed to tackle the 200 day ma at .9503. It failed to sustain a minor breach above here on Friday there is scope for the .9608 Fibo, where it is likely to fail on the initial test.”
“This market is bid above .9360, failure here will target the February low and then .9080/00 zone.”
“Current Position: Holding tiny longs .9400. Recommended Trade: Leave stops .9360. Exit .9575.”