USD/CHF ready to resume the upside? – Commerzbank

Karen Jones, Head of FICC Technical Analysis at Commerzbank, assessed the recent price action in the pair.

Key Quotes

“USD/CHF last week eased back to the .9826 level before recovering. It is possible that this is the end of the correction lower and the market is ready to resume its up move. While below the 20 day ma at .9957 however we will remain downside corrective. Initial support lies at the .9725/38.2% retracement”.

“Above the 20 day ma targets 1.0057 the recent high. This guards the 1.0093/1.0108 (April 2017 high and 78.6% retracement) and then 1.0343 – the 2016 high”.