According to Karen Jones, an analyst at Commerzbank, the USD/CHF pair has already topped and is now approaching the 200 day ma, setting the stage for further near-term downslide to the 55 and 200-week moving average (ma) at 0.9786.
Key quotes:
“USD/CHF has been rejected by resistance at 1.0000/10 and has now eroded the 38.2% Fibonacci retracement at .9905. The recent high at 1.0128 is viewed as an interim peak and we look for losses back to the late June and July lows at .9868/56, and the 200-day ma at .9846 where we would expect the market to attempt to stabilise. Failure to do so will trigger losses to the 200-week ma at .9786.”
“Failure at the 55 and 200-week ma will be pivotal and this would suggests ongoing losses to the .9543 September low.”
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