USD/CHF consolidating below the 78.6% retracement - Commerzbank

Haresh Menghani FXStreet

Karen Jones, Analyst at Commerzbank, provided a technical outlook for the USD/CHF pair and foresee a move towards 1.0295/1.0343 over a period of 1-3 months.

Key quotes:

“USD/CHF spend much of last week consolidating below the 78.6% retracement at .9975. Above here lies the 1.0015 resistance line and the 1.0039 recent high. It guards 1.0100/08 the April and May highs and the 1.0145 78.6% retracement. Longer term this is considered to be the last defense for the 1.0335 January 2017 high. The intraday Elliott waves counts have neutralised.”

“Only failure at .9705, the mid October low, would target the .9553 June 30 low and potentially the .9421 September low.”

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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