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USD/CHF downside exhausted? “ Commerzbank

10:47 31 March /2016 Forex

According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, there are signals that the pair™s downside could be nearly over.

Key Quotes

œUSD/CHF has eroded the 2015-2016 uptrend at .9653/35, the .9661 February low and the 78.6% retracement but 2 things worry me about this break lower.

œIt was not sustained and the market closed near the days highs (hammer) and secondly the TD perfected set up points to exhaustion of the downmove.

œNearby resistance is the channel at .9711 “ this guards the .9817 200 day ma, a close above here will be needed to confirm reversal.

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