FXStreet (Barcelona) – Karen Jones, Head of Technical Analysis at Commerzbank, notes USD/CHF is recovering off the previous downtrend (now support) at .9388, and the focus now shifts to the May high at 0.9528/43.
Key Quotes
“USD/CHF has recovered off the previous downtrend at 0.9388 today. The market is looking a bit perkier and has eroded the near term resistance line, which is now acting as near term support at .9388. We would allow for an attempt on the 200 day ma and the May high at .9528/43.”
“Dips lower should find some support circa .9353, and .9243, this should ideally now hold the downside – this effectively protects the .9215 recent low and the.9072 May low.”
“Current Position: Long .9405 Recommended Trade: Stop .9350. Partially cover .9560 and exit the remainder .9600.”
(Market News Provided by FXstreet)