USD/CHF - Scope for drop to Sep low of 0.9421 - Commerzbank

Omkar Godbole FXStreet Contributor

Commerzbank Analyst Karen Jones says the violation of the support offered by the 200-week MA has opened doors for a drop to September low of 0.9421.

Key quotes

USD/CHF has eroded an uptrend from 2015 and its 200 week ma at .9658. This was also a Fibonacci retracement and this has left immediate pressure on the downside.

Intraday rallies are indicated to fail circa .9655/85. The failure at the 55 week ma introduces potential for the .9553 June 30 low and the .9421 September low. The market is on the defensive near term while below .9845, initial resistance is .9700.

Erosion of the 200 week ma suggests scope for the.9421 September low.

Where are we wrong? Very near term above .9845 will retarget the top of the channel at .9962.

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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