Karen Jones, Technical Analysis Research Team Leader at Commerzbank, is closely watching the USD / CHF low of 0.9048 in mid-September as a break below, in her view, would open the way for further losses.
Key statements:
“USD / CHF yesterday missed the broken two-month uptrend line that is now acting as resistance at 0.9184.”
“Intraday Elliott wave counts remain negative and for now we will maintain a negative bias below 0.9190.”
“Attention to the low of 0.9048 in mid-September. A dip below 0.9048 will target the recent low of 0.8998. The recent low at 0.8998 protects 0.8943. A flaw at 0.8943 is needed to enable reaching the 2014 lows at 0.8703 / 0.8698 ”.
“Above the September high of 0.9296 would neutralize the chart.”
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Credits: Forex Street
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