According to Karen Jones, analyst at Commerzbank, USD/CHF’s outlook is negative as it sold off aggressively towards the end of last year and starts 2020 with attention on the .9659 August 2019 low.
“We have traded blow here but it has held on a closing basis and very near term we are likely to see a small bounce higher to the .9775 accelerated downtrend. 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. 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.”
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