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USD/CHF consolidation ahead? – Commerzbank

FXStreet (Edinburgh) - According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, the recent divergence in the RSI could allow for some corrective phase.

Key Quotes

USD/CHF last week saw a large divergence on its daily RSI in conjunction with its new high at 0.9433 and it is possible that this week we will see some consolidation”.

We also note the TD perfected set up on the weekly chart, which also suggests that we may see some profit taking”.

“Dips lower will find initial support offered by the accelerated uptrend at .9310. A move below here is needed to alleviate immediate upside pressure for a slide back to .9295/.9210 (23.6% and 38.2% retracement)”.

“While above the .9310 accelerated uptrend scope remains for a move to .9595, the 78.6% retracement of the move down”.

“The market has recently charted a weekly close above .9236 – i.e. above the 200 month ma and above the 29 year downtrend. Longer term we target .9840, the 2013 high”.

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