USD/CHF: Correction capped by accelerated downtrend – Commerzbank

Sandeep Kanihama FXStreet Contributor

According to Karen Jones, analyst at Commerzbank, USD/CHF’s outlook is overall negative, but near term having held the .9659 August 2019 low on a closing basis we would allow for a small bounce higher to the .9755 accelerated downtrend.

Key Quotes

“Below .9647 targets the September 2018 low at .9543. We have the .9623 23.6% retracement from the 2015 low also found here. Slightly longer term we look for a fall back to the 2018 low at .9188, this is also the 38.2% retracement of the same move from 2015. While rallies are capped by the lows seen in September and October 2019 at .9841/44, the market will remain immediately offered.”

“A rise above the .9844 resistance would suggest recovery to the .9707/22 band of resistance, which if seen we would again look to cap.”

Author

Sandeep Kanihama

FXStreet Contributor

Sandeep Kanihama is an FX Editor and Analyst with FXstreet having principally focus area on Asia and European markets with commodity, currency and equities coverage. He is stationed in the Indian capital city of Delhi.

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