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20 Oct 2014
USD/CHF is downside corrective - Commerzbank
FXStreet (Łódź) - Karen Jones, analyst at Commerzbank believes that near-term risks for USD/CHF stay tilted to the downside.
Key quotes
"The risk remains for a retest of .9371 (38.2% retracement)."
"The Elliott wave count on the daily is pointing to a deeper retracement to the .9301/.9273 support (September low+ 50% retracement) and potentially .9175 the 61.8% retracement."
"Near term rallies will need to regain .9506, the 20 day ma, to alleviate immediate downside pressure and refocus attention on the .9690 recent high."
Key quotes
"The risk remains for a retest of .9371 (38.2% retracement)."
"The Elliott wave count on the daily is pointing to a deeper retracement to the .9301/.9273 support (September low+ 50% retracement) and potentially .9175 the 61.8% retracement."
"Near term rallies will need to regain .9506, the 20 day ma, to alleviate immediate downside pressure and refocus attention on the .9690 recent high."