USD/CHF alleviates downside pressure, retest of 0.9553 on the cards – Commerzbank

USD/CHF eases to 0.9482, down 0.03% on a day, while Commerzbank’s Karen Jones is looking at the 0.9553 level after the pair alleviated immediate downward pressure.

Key quotes

“USD/CHF has continued to recover and is eroding the near-term downtrend, this alleviates immediate downside pressure and allows for a possible retest of the 0.9553 interim high. This will need to be overcome in order to further alleviate downside pressure and allow for recovery to the short term downtrend at 0.9666.”

“Intraday Elliott wave counts are again conflicting, but suggesting any rebounds are likely to remain shallow.” 

“While capped by the downtrend a negative bias will persist and our downside target will remain the 0.9376 11th June low and the 0.9336/78.6% retracement, which is the last defence for 0.9184 the March low.”