8 Jul 2013
Flash: USD/CHF looking for the 0.9840 high - Commerzbank
FXstreet.com (London) - Karen Jones, Chief analyst at Commerzbank said the USD/CHF finished the week with another aggressive rally higher.
She explained the market has eroded the 0.9568 61.8% Fibonacci retracement and March high, and she looks for a move to 0.9687/88 (78.6% retracement) en route to the 0.9840 high. “The slightly longer-term target is the 0.9950/72 zone, which represents the 2012 high. We note the TD perfected set up on the 240 minute charts but dips are expected to hold over 0.9500/0.9462 (accelerated uptrend and the 55 day ma) and while above here remain immediately bid.”
She explained the market has eroded the 0.9568 61.8% Fibonacci retracement and March high, and she looks for a move to 0.9687/88 (78.6% retracement) en route to the 0.9840 high. “The slightly longer-term target is the 0.9950/72 zone, which represents the 2012 high. We note the TD perfected set up on the 240 minute charts but dips are expected to hold over 0.9500/0.9462 (accelerated uptrend and the 55 day ma) and while above here remain immediately bid.”