USD/CHF stays under pressure, could test 0.9425 – Commerzbank

The pair remains vulnerable so far and could slip back towards the 0.9425 level, suggested Karen Jones, Head of FICC Technical Analysis at Commerzbank.

Key Quotes

“USD/CHF Resistance line at .9587 remains under pressure near term following its recent failure at the four month resistance line and channel mid-point at circa .9550/77. We look for a slide back to the 14th March low at .9425, together with the January 30 and the February 22 highs at .9410/.9394. Failure here will allow for slippage towards the next lower support at .9339/25 (the late February and current March lows). Intraday Elliott wave counts are negative”.

“Above .9577 would allow for a move to the 200 day moving average at .9662”.

“We are still of the opinion that the cross formed a bottom at .9188”.