USD/CHF stays upside corrective near term – Commerzbank

According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, USD/CHF remains upside corrective in the short-term.

Key Quotes

“The cross last week failed to close below the 55 week ma at .9882 and very near term is upside corrective. The rally will need to regain the 20 day ma at 1.0006 (favoured) in order to reassert upside pressure. Only above here would alleviate downside pressure and retarget 1.0101 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 1.0006. Failure here would see a slide back to the .9880/50 region and recent low at .9814”.