USD/CHF seems to have based near 0.9860 – Commerzbank

According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, suggested the likeliness that the pair could have based in the 0.9860 area.

Key Quotes

“USD/CHF’s recovery has exceeded the 1.0045 38.2% retracement and this reinforces the idea that the market has based at the .9861 low. We suspect that the market has turned at the 200 day ma and the 55 week ma at .9886/60 and that this is an interim low”.

“A close above 1.0045 is needed to alleviate downside pressure and generate some upside interest to 1.0248 11th January high and the 1.0328 2015 and 1.0344 December 2016 highs”.