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USD/CHF consolidation more likely – Commerzbank

FXStreet (Edinburgh) - According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair could initiate a consolidation phase.

Key Quotes

USD/CHF essentially has held sideways last week BUT despite a large divergence on its daily RSI the market does not appear to be failing and is simply holding sideways”.

“Currently we would allow for some consolidation only. We 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 .9320. 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 .9320 accelerated uptrend scope remains for a move to .9595… 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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