FXStreet Karen Jones, head of FICC Technical analysis at Commerzbank, notes that a rally in the pair in the area of the 1,0140 will encounter resistance.
“The USD/CHF is consolidating the recent Erosion of the 2017 line of resistance and the focus is shifted to Overhead resistance. A first resistance with the High of 7. March 1,0140 and in the year following high of 1,0335. On the 4-hour chart, a Count of 13 is to be seen, and this speaks for the possibility of a short-term downward correction. Setbacks should meet in the area of 1,00/1,0035 on a support. Add to that the previous downward trend of 1,0029.”
“Under targets 0.9850 the 0,9814, and including, the next goal is the 78,6% Retracement of 0,9720.”
** FXStreet News Editorial, FXStreet**