USD/CHF keeps the positive outlook – Commerzbank
|Karen Jones, Head of FICC Technical Analysis at Commerzbank, noted the pair’s outlook remains constructive for the time being.
Key Quotes
“USD/CHF’s outlook is positive. Last week we saw the market recover off the 55 day moving average at .9852 and break above the 20 day ma. The Elliott wave count continues to indicate that the recent move to .9789 was the end of the correction lower and we assume the US Dollar has begun its next leg higher. A move above .9984, the end of May high will target 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. It is immediately bid above the .9835 4 month uptrend”.
“Failure at 9723/14 (38.2% retracement + 200 day ma) will target the .9535 10th April low and below here will trigger losses to .9425, the 14th March low”.
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