USD/CHF offered below 1.0048 – Commerzbank

In view of Axel Rudolph, Senior Technical Analyst at Commerzbank, USD/CHF’s outlook stays negative while below 1.0048.

Key Quotes

“Last week the market severed its 4 month uptrend, now at 1.0043, and remains directly offered below the 1.0048 55 day moving average. We look for losses back to the .9921 200 day ma and possibly the .9880/50 region once more”.

“Only above 1.0062 would alleviate downside pressure and retarget 1.0248 11th January high and the 1.0328 2015 and 1.0344 December 2016 highs”.