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The pair’s corrective phase should meet support around 0.9845, suggested Karen Jones, Head of FICC Technical Analysis at Commerzbank.

Key Quotes

USD/CHF remains in a downwards corrective phase and has eroded its 20 day ma at .9980. The cross will find initial support at the .9845 January high. Currently the Elliott wave count on the daily chart is suggesting that the market is likely to correct back into the .9910/.9815 band and we would allow for this to happen”.

“Only above 1.0057 will target 1.0093/1.0108 (April 2017 high and 78.6% retracement) and then 1.0343 – the 2016 high”.