Karen Jones, Head of Technical Analysis at Commerzbank, shares the technical outlook and key levels for USD/CHF.
“USD/CHF is seeing a rebound from the .9072/70 recent low and Fibonacci retracement, the near term downtrend has been eroded and .9070 is looking increasingly likely to be a near term floor for the market. The market will find initial resistance at .9360 and tougher resistance at .9484 the April low. The 200 day ma at .9513 guards the 2 month downtrend at .9550 and only a close above here will negate the down move.”
“Below .9070 would see another downside target of .8850 (measurement down of the top) engage. There is scope for .8744 - this is the 50% retracement of the move up from the January spike low.”