USD/CHF upside corrective near term – Commerzbank

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

Key Quotes

“The market remains near term upside corrective and continues to bounce from the base of a 2 year channel (circa .9623). Upside potential remains for further gains to the .9800/55 band. The March low and 30th May high lie at .9808/14 and we suspect that the market may struggle here. This guards the 200 day ma at .9964/5, which in turn protects the key resistance is now the 1.0108 April high. Dips should find some nearby support offered by the 20 day ma at .9706”.

“Below .9623, we are unable to dismiss further slippage to .9552/44, but suspect that this is now less likely (the 200 week ma and 2016 low)”.