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USD/CHF deeper correction on the cards – Commerzbank

The pair could extend the leg lower to 0.9814, where sits the 200-day sma, suggested Karen Jones, Head of FICC Technical Analysis at Commerzbank.

Key Quotes

USD/CHF’s 2 month uptrend was eroded and this increases the risk of a deeper correction. We warned that the outside day to the downside charted last week increased the risk of a deeper corrective set back near term. There is scope for a retracement back to the 200 day ma at .9814 ahead of recovery”.

“Beyond this correction lower we remain positive and look for a challenge to the 1.0039 recent high. It guards 1.0100/08 the April and May highs and the 1.0145 78.6% retracement. Longer term this is considered to be the last defense for the 1.0335 January 2017 high”.

“Only failure at .9705, the mid October low, would target the .9553 June 30 low and potentially the .9421 September low”.

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