Karen Jones, Head of FICC Technical Analysis at Commerzbank, noted that the upside pressure in USD/CNH could lose traction on a breach of 0.9189.
“USD/CHF failed last week at the 78.6% retracement at .9357, but is so far holding over the near term uptrend at .9222. Intraday Elliott wave counts are negative and attention remains on the nearby uptrend and the 55-day ma at .9189. Failure here is needed to alleviate upside pressure.”
“A close above.9357 will trigger a move to the .9472 March peak. The 200-week ma lies at .9585.”