According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, there are signals that the pair’s downside could be nearly over.
“USD/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”.
“It 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”.
“Nearby 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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