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Forex Flash: USD/CHF expected to close below 0.9076 - Commerzbank

Commerzbank analyst Karen Jones still awaits a close below the January low of 0.9076 after yesterday's consolidation, expecting the near term consolidation/correction to continue. "We note the 13 count on the daily chart and the divergence of the daily RSI and this adds weight to the idea of some consolidation/rebound ahead of psychological support at 0.9000", she wrote, pointing resistance at 0.9165 in intraday rallies.

"Our downside targets are 0.8931, the 2012 low and then 0.8862, the 38.2% retracement of the move up from 2011", she added, also finding that risks have reverted to the downside.

Asian markets down on “risk off” sentiment, Europe awaits PMI

Markets are partly correcting the strong momentum seen last week as political jitters in Spain and Italy concern investors about Eurozone “health”. Japan's Nikkei Stock Average (-1.90%), South Korea's Kospi (-0.77%), and Hong Kong's Hang Seng (-1.96%) fell today, while China's Shanghai Composite (+0.23%) was one of the few indexes rising.
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After dipping as low as 1.0393 the Aussie dollar has managed to pick up the pace and climb to the current area around 1.0420...
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