USD/CHF to target recent low at 0.8998 on a slump below 0.9048 – Commerzbank

USD/CHF sellers attack 0.9100 round-figures on Tuesday as the previous breached uptrend now offers resistance at 0.9184. Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, is closely watching the 0.9048 mid-September low as a break below here would open the path for further losses.

Key quotes

“USD/CHF yesterday failed at the breached two-month uptrend line which now acts as resistance 0.9184.” 

“Intraday Elliott wave counts remain negative and for now we will maintain a negative bias below 0.9190.” 

“Attention on the 0.9048 mid-September low. Only a slide below 0.9048 will target the 0.8998 recent low. The recent low at 0.8998 guards 0.8943 (TD support). Failure at 0.8943 is needed to introduce scope to the 0.8703/0.8698 2014 lows.” 

“Above the 0.9296 September high neutralises the chart.”