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USD/CHF divergence allows a pullback – Commerzbank

FXStreet (Edinburgh) - According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, the recent divergence in spot could open the door for a test of lower levels.

Key Quotes

USD/CHF is near term corrective having recently failed just ahead of the .9127 2014 high and the 0.9163 200 week ma”.

“The recent high of .9115 was accompanied by a large divergence of the daily RSI and we would allow for some near term slippage to the .9036 June high”.

“Key support is regarded as .8978/69, the 3 month uptrend, and while this holds the bull trend entrenched”.

“We continue to target the 200 week ma at .9163 then the 55 month ma at 0.9349 slightly longer term. This held the topside in 2012 and 2013 and is expected to be formidable. Above here at .9392 lies the 29 year downtrend”.

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