USD/CHF has now hit the base of an 8 year channel at .8351. We are alert to the idea that we are likely to see a reversal here.
USD/JPY has dropped to the major psychological 80.00 level where it is expected to hold today. A drop through which will put the 79.57 May low back into play, however.
EUR/USD is now trading above the 61.8% Fibonacci retracement at 1.4569 and we are still remain unable to rule out a deeper corrective phase to 1.4732, the 78.6% retracement. This is regarded as the last defence for the 1.4940 May peak.
Commerzbank Corporates & Markets
Technical Research