USD/CHF: Resist the 2018 low – Commerzbank

USD/CHF is holding the .9188 2018 low and the market is seeing a small rebound from here, in the opinion of Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank.

Key quotes

“We will be attempting to sell the rally and currently the intraday Elliott wave count is suggesting that we will see a .9435/.9515 corrective rebound prior to another leg lower. The previous January low of .9613 should now act as formidable resistance.” 

“Below .9188 on a closing basis will target the .9072 May 2015 low and the .8838 the 38.2% retracement of the move from 2015.”