USD/CHF now looks to 0.9260/52 – Commerzbank

In opinion of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair should now shift its focus to the 0.9260/52 band.

Key Quotes

“USD/CHF the current focus is on the August 2015 low at .9260 and the base of a one year down channel at .9252. This is key nearby support and we would expect to see this hold the downside and provoke reversal. Failure here would target Fibo support at 0.9204 and then .9072 the May 2015 low”.

“The near term risk of reversal remains quite high, given the number of 13 counts on the intraday charts this is considered to be a strong possibility”.

“Resistance now comes in at .9421/39, between the July, August and September 2017 lows. The cross will be directly offered below the .9444 accelerated downtrend line”.