Forex Flash: USD/CHF may retrace to 0.9396 and 0.9350 ahead of more gains - Commerzbank

Commerzbank analysts note that the Elliott wave count suggests a retracement to 0.9396, 0.9350 ahead of the next leg up, but the USD/CHF only did a tiny retrace yet. “This has not even made the initial retracement of the last leg up (which lies at 0.9427)”, wrote analyst Karen Jones, pointing then to the 200 day ma at 0.9422 and the very accelerated uptrend at 0.9420, while nearby support is offered by the 0.93895 January high and the 0.9317 6 week uptrend.

“Initial target is 0.9595/0.9609 the January 2012 high and 0.61.8% retracement of the move down from the 2012 peak”, she continued, adding “we then look for gains to the 200 week ma at 0.9694 (please note we have not been above this average for around 3 years)”.