USD / CHF has reversed on a key day after approaching the double Fibonacci resistance at 0.9324 / 28, notes Karen Jones, head of the technical analysis research team at Commerzbank. Expect a correction, with initial support seen at 0.9230.
Key statements:
“USD / CHF has failed to sustain the break at 0.9324 / 28, the 38.2% retracement of the downward movement from the 2019 peak and the 50% retracement of the downward movement from the 2020 peak. Yesterday’s price action was a key day change and, coupled with a count of 13, we would allow for a downward correction. “
“We suspect that yesterday’s high at 0.9375 is an intermediate high. Above here is the TD resistance at 0.9439 and the 50% retracement at 0.9500 ”.
“The declines will find initial support at 0.9230 / 0.9123, the 200-day moving average before 0.9045, the high of February 4. “
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