Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, expects the upside momentum in USD/CHF to fail in the 1.0014/28 band.
Key Quotes
“USD/CHF is probing the 1.0014/28 mid-June, October peaks and Fibonacci retracement. These are expected to cap – this is essentially the top of the recent range, we would expect failure, we note the TD perfected set up on the daily chart. Failure here will target the .9844/41 September and October lows”.
“Failure at the next lower .9799 September low would push key support at .9716/.9659 to the fore. This is the location of the January, June, mid and late August lows. Below here sits the .9659 August low and the September 2018 low at .9543″.
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