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16 Jul 2013
Flash: USD/CHF a mixed bag - Commerzbank
FXstreet.com (London) - Alex Rudolph, Senior Technical Analyst at Commerzbank suggested that USD/CHF continues to exhibit signs of recovery just ahead of its 6 week uptrend at 0.9426.
He said the Elliot wave count on the daily chart suggests that the market should stabilise between here and Fibonacci support at 0.9368 and the 200 day ma at 0.9358. “The intraday charts are suggesting a more negative stance and rallies will need to regain the 0.9568 March high in order to retarget the 0.9753 July high. Any erosion of the 0.9358 200 day ma would provoke another step down to the 0.9269/78.6% retracement.”
He said the Elliot wave count on the daily chart suggests that the market should stabilise between here and Fibonacci support at 0.9368 and the 200 day ma at 0.9358. “The intraday charts are suggesting a more negative stance and rallies will need to regain the 0.9568 March high in order to retarget the 0.9753 July high. Any erosion of the 0.9358 200 day ma would provoke another step down to the 0.9269/78.6% retracement.”