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USD/CHF is downside corrective - Commerzbank

FXStreet (Łódź) - Karen Jones, analyst at Commerzbank believes that near-term risks for USD/CHF stay tilted to the downside.

Key quotes

"The risk remains for a retest of .9371 (38.2% retracement)."

"The Elliott wave count on the daily is pointing to a deeper retracement to the .9301/.9273 support (September low+ 50% retracement) and potentially .9175 the 61.8% retracement."

"Near term rallies will need to regain .9506, the 20 day ma, to alleviate immediate downside pressure and refocus attention on the .9690 recent high."

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