In view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair’s upside could be limited around the 0.9990 area.
“USD/CHF bounced from the 200 day ma at .9878, the 55 week ma also lies here at .9862 and the 61.8% Fibo is found at .9853. We saw a small recovery last week but note that rallies are likely to remain capped by the short term downtrend at 0.9987. Below .9850 would introduce scope to the 78.6% retracement at .9720”.
“A close above .9987/1.0016 (downtrend and 20 day ma) is needed to alleviate downside pressure and generate some upside interest to 1.0248 11th January high and the 1.0328 2015 and 1.0344 December 2016 highs”.
You may be interested
Buy Bitcoins in Europe With Bitmoney.euBrian Evans - Aug 10, 2017
Want to purchase bitcoins? Look no further! Buying bitcoins has never been easier, with Bitmoney.eu. Bitmoney.eu makes the process of buying Bitcoin easy and efficient, saving customers…
Goldman Sachs: ‘Real Dollars Are at Work’ in Cryptocurrency MarketsBrian Evans - Aug 10, 2017
Goldman Sachs has published a question-and-answer report focused on cryptocurrencies in which it suggests that clients should be keeping a closer eye on the market. According to…
Bitcoin’s Present Bubble Might Actually be the Beginning of Mainstream AdoptionBrian Evans - Aug 09, 2017
Bitcoin’s enthusiasts are torn between whether to celebrate Bitcoin’s arrival in the foothills of mass adoption, or to lament the upcoming burst that always happens with asset…