OctaFX | OctaFX Forex Broker
Open trading account
Back

USD/CHF profit-taking is not ruled out – Commerzbank

FXStreet (Edinburgh) - Karen Jones, Head of FICC Technical Analysis at Commerzbank, hints at the possibility of some profit taking in the pair following the recent upside.

Key Quotes

USD/CHF at the end of last week reached our .9325/36 major target”.

“This is a major juncture for the currency pair it is the location of the 55 month moving average and the 29 year downtrend”.

“We look for this to provoke some profit taking/hold the initial test, however so far we have seen no failure at this key juncture and price action today should be key”.

“Initial support lies at .9198/75 ahead of the .9115 August 6 high. While it remains above the August 22 low at .9104, upside momentum should be maintained”.

“Longer term a weekly close above the .9236 level would be a MAJOR break higher and is the minimum required to assume this level has been taken out and will see further upside targets of .9840 (May 2013 high) engage”.

Recommended asset allocation - Goldman Sachs

The Goldman Sachs Global Investment Research team present their updated asset allocation recommendations.
Read more Previous

European stocks open mostly lower

European stocks opened broadly lower Monday after sharp gains last week, with worries of a “yes” vote in Scotland 2 weeks before the independence referendum weighing on sentiment.
Read more Next
Start livechat