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13 May 2015
USD/CHF remains a sell for 0.9075 – Commerzbank
FXStreet (Barcelona) - Karen Jones, Head of Technical Analysis at Commerzbank, suspects USD/CHF might come under pressure today and hence remains short on the pair, targeting 0.9075 levels.
Key Quotes
“USD/CHF appears to be stalling ahead of the April low at .9484 and 200 day ma at .9511. These guard the 2 month downtrend at .9598.”
“Following recovery off the .9072 Fibo, we wondered if the market was attempting to reassert its bull move longer term, but we need more evidence to support this view and we would need to take out the .9598 2 month downtrend on a closing basis to confirm.”
“Also with the intraday Elliott wave count much more negative we suspect that it will come under pressure today so have exited our longs for now.”
“Current Position: Long .9275. Recommended Trade: Exit at market (circa .9271) and attempt small shorts, add to shorts at .9300 id seen – stops over .9360. Cover .9075."
Key Quotes
“USD/CHF appears to be stalling ahead of the April low at .9484 and 200 day ma at .9511. These guard the 2 month downtrend at .9598.”
“Following recovery off the .9072 Fibo, we wondered if the market was attempting to reassert its bull move longer term, but we need more evidence to support this view and we would need to take out the .9598 2 month downtrend on a closing basis to confirm.”
“Also with the intraday Elliott wave count much more negative we suspect that it will come under pressure today so have exited our longs for now.”
“Current Position: Long .9275. Recommended Trade: Exit at market (circa .9271) and attempt small shorts, add to shorts at .9300 id seen – stops over .9360. Cover .9075."