In light of the recent price action, USD/CHF could now move into a consolidative phase, noted Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank. 'USD/CHF has sold off aggressively following its recent failure at the 4-month downtrend at .9213 and has now closed below the .9074 200 day ma but is holding around the 61.8% retracement at .9059. We should see some consolidation here, the Elliott wave count is implying that this is the end of the move lower.' 'Below .9054/46, (the late May and early June highs as well as the early February high) will target the 78.

https://www.fxstreet.com/news/usd-chf-now-points-to-some-consolidation-commerzbank-202107300722

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