USD/CHF downside should hold near 0.9350 – Commerzbank

According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, occasional dips should be contained in the mid-0.9300s.

Key Quotes

“USD/CHF has eroded the accelerated downtrend but halted on the initial test of the 20 day ma at .9449. The market has recently reversed as expected from the August 2015 low at .9260. Intraday dips are indicated to halt circa .9350 for further recovery. Currently the Elliott wave count on the daily is suggesting a .9532 then .9617 correction higher (the 38.2% and 50% retracement)”.

“Failure at .9260/38 (channel) would target Fibo support at 0.9204 and then .9072 the May 2015 low”.