Karen Jones, Head of FICC Technical Analysis at Commerzbank, noted the pair could attempt to stabilize in the 0.9952/26 region.
“USD/CHF’s correction lower has seen some slippage through the 200 day ma at .9952, but the market has not closed below there and ideally we will see some attempt to stabilise in this vicinity and around the .9926/61.8% retracement. Provided it holds around here this will remain a correction only. We target in the 1.0248 11th January high and the 1.0328 2015 and 1.0344 December 2016 highs”.
“The market is bid above the 200 day ma and Fibo at .9950/26 and is generally well supported in the .9860/14 zone”.