USD/CHF: Attention remains in the recent 0.8983 low – Commerzbank

USD/CHF declines to the lowest since November 09 during Thursday as was last seen trading around 0.9070. Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, maintains a neutral to negative stance while the pair trades below the downtrend at 0.9152 and is closely watching the recent 0.8983 low.

Key quotes

“USD/CHF charted an outside day to the downside on Wednesday. The pair remains capped by a four-month downtrend at 0.9152 and while capped here, it is regarded as negative.” 

“Attention remains on 0.8983, the recent low. This guards 0.8943 (TD support).”

“Failure at 0.8943 is needed to introduce scope to the 0.8703/.8698 2014 lows.” 

“Minor support is seen at the 0.9048/31 September 10 and October troughs.”