USD/CHF to extend its correction lower to the 0.9215 mark – Commerzbank

The USD/CHF pair is correcting lower and Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, expects the slide to reach the mid-March low at 0.9215.

USD/CHF to stay bid above the 200-day ma at 0.9105

"USD/CHF is correcting lower near-term and we would allow for a slide to the mid-March low at 0.9215.” 

“The Elliott wave count on the daily chart is implying losses towards 0.9170 and there is scope for the 200-day ma at 0.9105.”

“Key nearby resistance lies at 0.9267/72 (highs from July).” 

“Above 0.9472 lies the 50% retracement of the 2019-2021 decline at 0.9499.” 

“Above 0.9500 we are unable to rule out a move to the 200-week ma at 0.9661.”