USD/CHF door open for corrective pullback – Commerzbank

By FXStreet FXStreet (Edinburgh) – In the view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, spot risks the chance of a corrective decline.

Key Quotes

“USD/CHF is showing signs of failure just ahead of the 1.0295 2015 high”.

“The recent high of 10220 was accompanied by a complex divergence of the RSI and we have a 13 count and a TD perfected set up on the 240 minute chart – all imply a corrective set back”.

“The market has started to erode the accelerated uptrend and the Elliott wave count on the daily chart is implying scope for 1.0045 then .9935 (23.6% and 38.2% retracements)”.
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Source:: FX Street