USD/CHF could slip back to the 0.9980 area – Commerzbank

In view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pullback in the pair could extend to the 0.9980 region.

Key Quotes

“USD/CHF has reached the 55 day ma at 1.0108 and halted there, currently we would allow for slippage to .9985 the 20 day ma, prior to another upside attempt, we note the TD perfected set up on the daily chart. We view the market as having based recently at the .9861 low, (we suspect that the market has turned at the 200 day ma and the 55 week ma)”.

“While above 1.00/.9985 we would expect it to generate some upside interest to 1.0248 11th January high and the 1.0328 2015 and 1.0344 December 2016 highs”.