USD/CHF weighs on the downside as downtrend at 0.9652 caps – Commerzbank

USD/CHF registers another pullback from 0.9465/64 area while declining to 0.9442, weighing on the downside. Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, is looking down at the 0.9376 support as the pair is capped by 0.9652.

Key quotes

“USD/CHF is basically side lined but starting to weigh on the downside. Intraday Elliott wave counts are negative and while capped by the downtrend at 0.9652, 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.” 

“Immediate resistance is the 0.9553 interim high and this will need to be overcome in order to further alleviate downside pressure and allow for recovery to the short term downtrend at 0.9656.”