USD/CHF is still holding the 2019 low – Commerzbank

Karen Jones, analyst at Commerzbank, notes that USD/CHF has again sold off to the .9659/47 recent low and August low and the intraday Elliott wave count is negative.

Key Quotes

“A slide and close below .9647 is needed to reassert downside momentum and target the September 2018 low at .9543. We have the .9623 23.6% retracement from the 2015 low also here.”

“Slightly longer term we look for a fall back to the 2018 low at .9188, this is also the 38.2% retracement of the same move from 2015. The market will stay offered while capped by lows seen in September and October 2019 at .9841/44.”

“A rise above the .9844 resistance would suggest recovery to the .9707/22 band of resistance, which if seen we would again look to cap.”