Karen Jones, Head of FICC Technical Analysis at Commerzbank, noted the pair should resume the upside pressure above the 0.9931 level.
Key Quotes
“USD/CHF is consolidating above the .9826 level and scope for recovery remains. It is possible that this is the end of the correction lower and the market is ready to resume its up move. However the market needs to regain the 20 day ma at .9931 in order to restore upside pressure. Initial support below the 55 day ma at .9803 lies at the .9725/38.2% retracement”.
“Above the 20 day ma targets .9984 the end of May high and then 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”.
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