USD/CHF could re-test 0.9207 – Commerzbank

There is scope for USD/CHF to attempt a move to the area above 0.92 the figure, according to Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank.

Key Quotes

“USD/CHF is consolidating following the recent strong reversal from the current November trough at .8983 and looks capable of challenging initial resistance provided by the recent high at .9207. Key resistance remains the September high at .9296. This guards the seven month downtrend at .9327. For now Elliott wave counts are suggesting dips back to .9100/.9080 should hold for another upside attempt.”

“Minor support is seen at the .9048/31 September 10 and October troughs.”