USD/CHF now points to some consolidation – Commerzbank
|In light of the recent price action, USD/CHF could now move into a consolidative phase, noted Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank.
Key Quotes
“USD/CHF has sold off aggressively following its recent failure at the 4-month downtrend at .9213 and has now closed below the .9074 200 day ma but is holding around the 61.8% retracement at .9059. We should see some consolidation here, the Elliott wave count is implying that this is the end of the move lower.”
“Below .9054/46, (the late May and early June highs as well as the early February high) will target the 78.6% retracement at .9000. This is the last defence for the .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.