USD/CHF: short rallies towards 0.9300 – Commerzbank

FXStreet (Barcelona) - Karen Jones, Head of Technical Analysis at Commerzbank, sees downside potential for USD/CHF towards 0.9072/70 and hence suggests fading rallies towards 0.9300 levels.

Key Quotes

“USD/CHF eroded the 2015 uptrend earlier in the week and in doing so has left the market on the defensive. We look for a slide back to the .9072/70 recent low and Fibonacci retracement. Very near term we have a 13 count on the 60 minute chart and would attempt to enter shorts on rallies to .9300.”

“Above the market lies the cloud offering resistance at .9355 and the downtrend at .9410 and this is acting as an effective ceiling for the market.”