Karen Jones, analyst at Commerzbank, notes that USD/CHF has again sold off to the .9659/47 recent low and August low and the intraday Elliott wave count is negative.
“A slide and close below .9647 is needed to reassert downside momentum and target the September 2018 low at .9543. We have the .9623 23.6% retracement from the 2015 low also 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. The market will stay offered while capped by lows seen in September and October 2019 at .9841/44.”
“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.”
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.