USD/CHF further upside expected beyond 0.9994/1.0015 – Commerzbank

Karen Jones, Head of FICC Technical Analysis at Commerzbank, noted that downside pressure around USD/CHF should ease above the 0.9994/1.0015 band.

Key Quotes

“The cross very near term is upside corrective. The rally will need to regain the 20 and 55 day ma at .9994/1.0015 on a closing basis (favoured) in order to reassert upside pressure. Only above here would alleviate downside pressure and retarget 1.0094 resistance line en route to 1.0248 11th January high and the 1.0328 2015 and 1.0344 December 2016 highs”.

“The market stays offered below the 20 day ma at .9994/1.0015. Failure here would see a slide back to the .9880/50 region and recent low at .9814”.