USD/CHF faces strong resistance near 0.9400 – Commerzbank

Karen Jones, Head of FICC Technical Analysis at Commerzbank, expects spot to meet strong resistance in the proximity of the 0.9400 handle.

Key Quotes

“USD/CHF is bouncing from the August 2015 low at .9260 and the base of a one year down channel at .9238. This is key nearby support and we would expect to see this hold the downside and provoke reversal. Initial resistance is found at the accelerated downtrend at .9397. Further resistance now comes in at .9421/39, between the July, August and September 2017 lows”.

“Currently the Elliott wave count on the daily is suggesting a .9427 then .9532 correction higher (the 23.6% and 38.2% retracement)”.

“Failure at .9238 would target Fibo support at 0.9204 and then .9072 the May 2015 low”.