USD/CHF looks consolidative for the time being – Commerzbank

Pablo Piovano FXStreet

According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair is now consolidating below the 1.0000 handle.

Key Quotes

“USD/CHF is consolidating just below the psychological 1.0000 level and pressure remains on the topside. Last week we saw the market recover off the 55 day moving average at .9864 and break above the 20 day ma. The Elliott wave count continues to indicate that the recent move to .9789 was the end of the correction lower and we assume the US Dollar has begun its next leg higher. Nearby target is 1.0057, the recent high. This guards the 1.0093/1.0108 (April 2017 high and 78.6% retracement) and then 1.0343, the 2016 high. It is immediately bid above the .9835 4 month uptrend”.

“Failure at 9723/14 (38.2% retracement + 200 day ma) will target the .9535 10th April low and below here will trigger losses to .9425, the 14th March low”.

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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