USD/CHF upside pressure re-emerged – Commerzbank
In view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair appears to have regained the upside pressure.
“USD/CHF has overcome the 30th November high at .9882 and 50% retracement at 9888 and this should be enough to reassert upside pressure. Dips back from here are indicated to hold circa .9860 and we remain positive and look for a challenge to the 1.0039 recent high. It guards 1.0100/08 the April and May highs and the 1.0145 78.6% retracement. Longer term this is considered to be the last defense for the 1.0335 January 2017 high”.
“Last week sold off to and recovered from the 50% retracement at .9730. The Elliott wave count continues to indicate that this was the end of the down move”.
“Only failure at .9705, the mid October low, would target the .9553 June 30 low and potentially the .9421 September low”.