According to Karen Jones, analyst at Commerzbank, USD/CHF pair is consolidating but remains on the defensive as the market faltered last week at the 200 day ma at .9965 and remains under pressure.
Key Quotes
“Rallies should struggle in the .9960/90 band and ideally be contained by the near term resistance line at 1.0037. We look for losses to the .9716 January low and the 78.6% retracement at .9692. A break below .9848/37 (200 week ma) should be enough to trigger the next leg lower.”
“Above 1.0097 we would allow for an extension to 1.0128 before failure. While capped by resistance at the November and March highs at 1.0124/28 the cross remains directly offered.”
“Above the 1.0240 April high lie the 1.0295 January 2015 high and the 1.0343 December 2016 peak. This has provoked failure over the past five years.”
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