Back
17 Jul 2013
USD/CHF under pressure
FXstreet.com (London) - Karen Jones, Chief Analyst at Commerzbank said that the USD/CHF has come under pressure and has eroded the 6-week uptrend at 0.9426.
“The Elliot wave count on the 240-minute chart suggests that the market should stabilise ahead of Fibonacci support at 0.9368 and the 200 day ma at 0.9358. Rallies will need to regain the 0.9568 March high in order to retarget the 0.9753 July high”. She feels any erosion of the 0.9358 200 day ma would provoke another step down to the 0.9269/78.6% retracement. She said that this is seen as the last defence for the 0.9130 June low.
“The Elliot wave count on the 240-minute chart suggests that the market should stabilise ahead of Fibonacci support at 0.9368 and the 200 day ma at 0.9358. Rallies will need to regain the 0.9568 March high in order to retarget the 0.9753 July high”. She feels any erosion of the 0.9358 200 day ma would provoke another step down to the 0.9269/78.6% retracement. She said that this is seen as the last defence for the 0.9130 June low.