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16 May 2014
USD/CHF all eyes on 0.9003 – Commerzbank
FXStreet (Edinburgh) - In the opinion of Axel Rudolph, Senior Technical Analyst at Commerzbank, the recent upside in the pair could lead to the 200-day MA at 0.9003.
Key Quotes
“USD/CHF has already reached the .8953 April high, having strongly reversed off its .8703 current May low. In doing so the currency pair not only broke through the 2014 resistance line at .8839 but also made a weekly close above it”.
“This points to a major reversal being made”.
“The .8953 April high should now cap for a day or two. Above it lies the 200 day moving average at .9003 which could be reached over the coming days”.
Key Quotes
“USD/CHF has already reached the .8953 April high, having strongly reversed off its .8703 current May low. In doing so the currency pair not only broke through the 2014 resistance line at .8839 but also made a weekly close above it”.
“This points to a major reversal being made”.
“The .8953 April high should now cap for a day or two. Above it lies the 200 day moving average at .9003 which could be reached over the coming days”.