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14 Feb 2014
USD/CHF breaking the short-term resistance
FXStreet (Guatemala) - FXStreet (Guatemala) - USD/CHF is breaking the short term resistance line and attempting a run towards 0.8940.
Analysts at Commerzbank explained that “USD/CHF has seen a dramatic rebound, again failed at its short term downtrend, this is located at 0.9018. This leaves the market still capable of one more stab down to 0.8876, the 78.6% retracement. Intraday Elliott wave counts remain negative and are suggesting losses to 0.8850. The market will remain directly offered below 0.9018/35 and only above 0.9082 will retarget the 0.9164 Fibonacci retracement. Slightly longer term we look for the market to stabilise ahead of the 0.8800 recent low and recover”.
USD/CHF Levels
The 20 DMA is 0.9013, the 50 DMA is 0.8985 and the 200 DMA is 0.9204. RSI (14) reads 49.08. Supports are ascending from 0.8800, 0.8832 0.8860 and0.8904. Spot is 0.8930 while resistances are 0.8955, 0.8974, 0.8996 and 0.9000.
USD/CHF is breaking the short term resistance line and attempting a run towards 0.8940.
Analysts at Commerzbank explained that “USD/CHF has seen a dramatic rebound, again failed at its short term downtrend, this is located at 0.9018. This leaves the market still capable of one more stab down to 0.8876, the 78.6% retracement. Intraday Elliott wave counts remain negative and are suggesting losses to 0.8850. The market will remain directly offered below 0.9018/35 and only above 0.9082 will retarget the 0.9164 Fibonacci retracement. Slightly longer term we look for the market to stabilise ahead of the 0.8800 recent low and recover”.
USD/CHF Levels
The 20 DMA is 0.9013, the 50 DMA is 0.8985 and the 200 DMA is 0.9204. RSI (14) reads 49.08. Supports are ascending from 0.8800, 0.8832 0.8860 and0.8904. Spot is 0.8930 while resistances are 0.8955, 0.8974, 0.8996 and 0.9000.
USD/CHF is breaking the short term resistance line and attempting a run towards 0.8940.