USD/CHF could slip back to 0.9855/10 – Commerzbank

In view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair could risk a re-visit of the 0.9855/10 band.

Key Quotes

“USD/CHF last week saw a brief spike to and failure at the psychological resistance at 1.00. The recent move to a new high was not confirmed by the daily RSI and as warned we are seeing a set back near term. Currently the daily Elliott wave count suggests a slide to .9855/10 is likely to be seen. The intraday Elliott wave count is more negative”.

“Above 1.000, the next resistance is March 2016 high at 1.0093. Above here lies the 1.0256 2016 high”.

“These levels will remain in focus while no daily chart close below the .9819 19th September high is seen”.