USD/CHF faces strong resistance at 1.0344 – Commerzbank

Karen Jones, Head of FICC Technical Analysis at Commerzbank, noted the pair’s upside should find a strong hurdle near 1.0350.

Key Quotes

“USD/CHF lost upside momentum last week at the 1.0328 2015 and 10344 December 2016 highs and eased lower. Support lies at the 1.0082 55 day ma and the 1.0020 mid December low. Currently the Elliott wave count on the daily is suggesting that the 1.0020 area should holding. Intraday Elliott wave counts are implying that intraday the market is likely to struggle circa 1.0200”.

“The 1.0344 level is regarded as a major break up point to the 1.0910 61.8% retracement of the move down from 2005 and we await a CLOSE above this level to indicate that the market is ready to resume its up move”.