According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair’s upside continues to be capped by levels just above the 0.9400 handle.
“USD/CHF continues to be capped by the 20 day ma at .9409 and is starting to weigh on the downside. The market has recently reversed as expected from the August 2015 low at .9260. Currently the Elliott wave count on the daily is suggesting a .9532 then .9617 correction higher (the 38.2% and 50% retracement)”.
“Failure at .9260 would target the base of the channel at .9232 and Fibo support at 0.9204 and then .9072 the May 2015 low”.
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