USD/CHF could slip back below 0.9325 – Commerzbank

Technicals suggest the pair could retreat to 0.9325, noted Karen Jones, Head of FICC Technical Analysis at Commerzbank.

Key Quotes

“USD/CHF is bouncing very near term from the .9325 support (23rd February low). It is probing the resistance line at .9441. It failed last week at the .9490 level. This was ahead of the 38.2% retracement at .9513 and the Elliott wave count is indicating this to be the end of wave ‘4’. This is negative and we would allow for a slide below the .9325, the 23rd February low. Below here will target the .9257 1^st February low, then the .9188 recent low”.

“Above the 55 day ma will target the 200 day ma at .9674”.