USD/CHF flirts with 200-DMA at 0.9778 - Commerzbank

In the view of Karen Jones, Analyst at Commerzbank, a sustained break above the 200-DMA of 0.9778 in USD/CHF could expose the January high at 0.9798.

Key Quotes:

“USD/CHF’s recent bounce off its current January low at .9700 paused at its current January high at .9798. This level and the December 20 low at .9830 may be retested before further downside pressure is seen. While the .9798/.9830 area caps, downside pressure should be maintained. Failure at .9700 would target the .9655 55 week ma, with potential for .9553 June 30 low and the .9421 September low.”

“The market is offered below the .9830 20 December low which guards the more important .9975 78.6% Fibo retracement.”

“Short Term Trend (1-3 weeks): offered below .9975.”