USD/CHF stays upside corrective near-term – Commerzbank

According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, USD/CHF’s stance remains upside corrective in the near term.

Key Quotes

“The cross has recently fallen into new lows for the year, but has failed to close below the 55 week ma at .9875 and very near term is upside corrective. The rally will need to regain the 20 day ma at 1.0012 in order to reassert upside pressure (favoured). Failure here would see a slide back to the .9880/50 region and recent low at .9814”.

“The market stays offered below the 20 day ma at 1.0012. Only above here would alleviate downside pressure and retarget 1.0105 resistance line en route to 1.0248 11th January high and the 1.0328 2015 and 1.0344 December 2016 highs”.