USD/CHF: Emphatic failure at 0.9274 suggests near-term weakness – Commerzbank
|Repeated failure at Fibonacci level leaves USD/CHF on the defensive. Consequently, the pair is set to suffer further weakness, according to Axel Rudolph, Senior FICC Technical Analyst at Commerzbank.
Further weakness into the 0.9115/0.9080 range
“USD/CHF repeatedly failed at resistance at 0.9264/74 and sold off aggressively last week. We look for further weakness into the 0.9115/0.9080 range and we may see some near term consolidation there.”
“Below 0.9072 (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.”
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.