USD/CHF correcting higher near term – Commerzbank

Karen Jones, Head of FICC Technical Analysis at Commerzbank, noted USD/CHF stays upside corrective in the short term.

Key Quotes

“The market last week found some nearby support at .9614, the base of a 2 year channel and corrected higher. The daily Elliott wave count is implying a move to .9725/.9800. The March low and 30th May high lie at .9808/14 and we suspect that the market may struggle here”.

“Below .9614, we are unable to dismiss further slippage to .9549/44, but suspect that this is now less likely (the 200 week ma and 2016 low)”.

“It is directly offered below the .9814 March low, which guards the 200 day ma at .9964, which in turn protects the key resistance is now the 1.0108 April high”.