In view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the decline of USD/CHF should find support in the mid-0.9900s.
“USD/CHF’s correction lower has sold off to to the 200 day ma at .9951, which is expected to hold. Provided it holds over the 200 day ma an upside bias will remain and 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 at .9950 and is generally well supported in the .9860/14 zone”.
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