FXStreet (Barcelona) – Karen Jones, Head of Technical Analysis at Commerzbank, offers the technical outlook and key levels for USD/CHF.
Key Quotes
“USD/CHF has traded through but not closed above the 2 month downtrend and we have re-drawn it, this is located at .9427 A close above here is needed to trigger a recovery to the .9543 end of May high and the top of the cloud resistance at .9600. However yesterdays price action constituted a key day reversal which suggests that there is a reluctance to break out of its range currently.”
“Dips lower should find some support circa .9150, this should ideally now hold the downside – this effectively protects the .9072 May low.”
(Market News Provided by FXstreet)