USD/CHF on track to test 1.0044 – Commerzbank

In opinion of Karen Jones, Head of FICC Technical Analysis at Commerzbank, USD/CHF could now extend the up move and visit the 1.0044 level.

Key Quotes

“USD/CHF remains on course for further strength to the 1.0040 78.6% retracement which is the last defence for the 1.0128 November high. It is interesting to note that the intraday Elliott wave counts are suggesting near term failure, some caution is warranted. The market is bid above the 200 day ma at .9908. initial support is the top of the cloud at .9959”.

“The November 2018 high at 1.0128 is the break point for the 1.0343 December 2016 peak”.