FXStreet Karen Jones, head of FICC Technical analysis at Commerzbank, notes that the recent price-shows the action that the Pair can test the middle of the 0,9800.
“The USD/CHF failed at the 1,0108 April and there was an aggressive sale. The moving averages have been eroded and this has the potential for a Test of the recent rank soil of targets 0.9850/14. currently, we are expecting a consolidation after the last of the 2017 resistance line has been eroded, and you should stop here, so it can come to a stabilisation and a recovery. A first resistance with the High of 7. March 1,0140 and supports can be found at 0,9945 and targets 0.9850/14.”
“0,0945 the recent Low of targets 0.9850 and including the 0,9814 and the 78,6 % Retracement of 0,9720 is the next target.”
** FXStreet News Editorial, FXStreet**