FXStreet (Barcelona) – Karen Jones, Head of Technical Analysis at Commerzbank, notes that USD/CHF continues to drift lower after being rejected at the 55DMA, but remains above the key support at 0.9287.
Key Quotes
“USD/CHF continues to weigh on the downside following its recent rejection from the 200 and 55 day ma at .9486/9532. The move lower has not taken out key nearby support, namely .9287 (the low from the 22nd May) but we are cautious as recent moves lower felt somewhat directional.”
“Support at .9287 guards key support, which is the .9072/70 recent low and Fibonacci retracement.”
“A close above the 200 day ma is needed to restore the up move to the .9862 April high.”
“Current Position: Long .9410. Recommended Trade: stop .9285.Exit .9700”
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