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- USD/CHF: Downside corrective near term – Commerzbank
USD/CHF: Downside corrective near term – Commerzbank
Karen Jones, analyst at Commerzbank, notes that USD/CHF recently faltered at 1.0026 and failed to register a close above the 1.0018 61.8% retracement.
“The market has sold off and attention has reverted to the .9868 55 day ma. Failure at the next lower .9799 current September low would push key support at .9716/.9659 to the fore. It is the location of the January, June, mid- and late August lows. Below here sits the .9659 August low and the September 2018 low at .9543. A close above 1.0026 is needed to generate some further upside interest and we suspect this will continue to act as a tough near term barrier. The market is neutral. Above the mid-June high at 1.0014/18 on a closing basis targets the 1.0128 mid November 2018 high.”
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