USD/CHF: Rebound not enough to negate negative bias so far – Commerzbank

According to Karen Jones, Analyst at Commerzbank, USD/CHF again looks to be failing at interim resistance at 1.0000/1.0025 as the move higher so far has not been enough to negate the negative intraday Elliott wave counts and attention remains on the 55 day ma at .9930.

Key Quotes

“The recent high at 1.0128 is viewed as an interim peak and we look for losses back to the late June and July lows at .9868/56, and the 200 day ma at .9836, where we would expect the market to attempt to stabilise.”