USD/CHF: Emphatic failure at 0.9274 suggests near-term weakness – Commerzbank

Repeated failure at Fibonacci level leaves USD/CHF on the defensive. Consequently, the pair is set to suffer further weakness, according to Axel Rudolph, Senior FICC Technical Analyst at Commerzbank.

Further weakness into the 0.9115/0.9080 range

“USD/CHF repeatedly failed at resistance at 0.9264/74 and sold off aggressively last week. We look for further weakness into the 0.9115/0.9080 range and we may see some near term consolidation there.”

“Below 0.9072 (200-day ma) would allow for a slide to the 0.9054/46 late May and early June highs as well as the early February high and then the 78.6% retracement at 0.9000. This is the last defence for the 0.8926/31 May lows.”