Home USD/CHF: Downtrend at 0.9697 caps the correction higher – Commerzbank
FXStreet News

USD/CHF: Downtrend at 0.9697 caps the correction higher – Commerzbank

USD/CHF is correcting higher near-term but Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, expects the pair to suffer further losses as the 0.9697 downtrend caps any potential upside.

Key quotes

“USD/CHF charted a hammer reversal on Thursday and is seeing a correction higher ahead of further losses. Rallies from here will see initial resistance 0.9580, 0.9650, but the market will remain directly offered while capped by the short-term downtrend at 0.9697.” 

“Beyond this rebound, there is scope for the 0.9336/78.6% retracement, which is the last defence for 0.9184 the March low.”

 

FX Street

FX Street

FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions.