FXStreet Karen Jones, head of FICC Technical analysis at Commerzbank, notes that the prospects of the USD/CHF in the short term remain negative.
«The USD/CHF has eroded the 0,9720 (78,6% Retracement), but we saw no closing price below that on the daily chart a Doji has formed. This speaks in favor of a slight recovery. Intraday rallies should fail in the area of the 0,9770/0,9820.”
«The market is on the way to the 0,9550/43 (200-week MA).»
“Under the 200-day MA of 0,9965 the offers remain the same, while this is a level defended by the key resistance of 1,0108 (April High).”
** FXStreet News Editorial, FXStreet**