Karen Jones, Analysts at Commerzbank offers the key technical levels for trading the USD/CHF pair in the day ahead.
Key Quotes:
“USD/CHF last week failed at the psychological resistance at 1.0000 and is consolidating near term, it has pulled back to .9900/.9880 as expected and should now ideally recover from here. However we note that the intraday Elliott wave counts have become more negative and we are cautious, they indicate rallies will fail circa .9940. Above 1.0000 targets 1.0057, the recent high. This guards the 1.0093/1.0108 (April 2017 high and 78.6% retracement) and then 1.0343, 2016 high. The .9856 25th June low guards the recent low at .9789 and the 200-day ma at .9736.
Failure at 9736/24 (38.2% retracement + 200-day ma) will target the .9535 10th April low and below here will trigger losses to .9425, the 14th March low.”
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