USD/CHF to target the 2014 lows at 0.8703/0.8698 on a failure at 0.8943 – Commerzbank
|Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, maintains a neutral to negative bias on the USD/CHF pair while it trades below the four-month downtrend at 0.9162. Targets are 0.8703/0.8698, the 2014 lows.
Key quotes
“USD/CHF remains capped by a four-month downtrend at 0.9162 and while capped here is regarded as neutral to negative.”
“The pair has recently reversed from 0.8983, however, this has not overcome any resistance of note and attention has reverted back to this low.”
“The recent low at 0.8983 guards 0.8943 (TD support).”
“Failure at 0.8943 is needed to introduce scope to the 0.8703/.8698 2014 lows.”
“Minor support is seen at the 0.9048/31 September 10 and October troughs.”
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