USD/CHF could slip back to the 0.9530 area – Commerzbank
|In view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair could recede to the 0.9530 area after being rejected from 0.9770 in recent trade.
Key Quotes
“USD/CHF’s rally has recently terminated at the 50% retracement at .9770: The market has been rejected by the .9770 mid June high and has sold off to the 20 day ma at .9619. Further losses look likely towards the previous downtrend which should now act as support at .9535. Failure here would imply a return visit to the .9444/39 recent low and May 2016 low”.
“Below .9444 targets the .9072 May 2015 low”.
“In order to reignite upside interest we suspect that the market will need to close above the .9814 end of March low and overcome the 55 week ma at .9889”.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.