USD/CHF remains capped by the 4-month downtrend – Commerzbank
The USD/CHF remains capped by the 4-month downtrend at 0.9225 and for now, it could consolidate in the near term, and possibly falling to 0.9117, explained Karen Jones, Team Head FICC Technical Analysis Research.
Key Quotes:
“USD/CHF remains capped by the 4-month downtrend at 0.9225 and for now we would allow for some near term consolidation and possible slippage back to the 0.9117 recent low and even the 0.9098/74 55 and 200 day ma. These should hold, and we should eventually see a retest of the 0.9274 2 nd July high. Above 0.9274 lies the March 12 high at 0.9325, the early March high can be seen at 0.9375 and the April peak at 0.9472.”
“Below the 200 day ma would allow for a slide to the 0.9054/46 late May and early June highs as well as the early February high and then the 78.6% retracement at 0.9000. This is the last defence for the 0.8926/31 May lows.”
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