USD/CHF bullish above 1.0020 – Commerzbank

In view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair’s outlook remains bullish following the recent spike lower.

Key Quotes

“USD/CHF’s recent spike lower held the previous low at 1.0020 (the 8 th December low) to keep our bullish bias intact. We look for a retest of the1.0328 2015 and 10344 December 2016 highs”.

“This is a tough band of resistance for the market and we would allow the market to again consolidate below here. The Elliott wave count on the daily chart is suggesting that we will see a pullback to 0.9885 ahead of recovery (this is not favoured), but intraday Elliott wave counts are suggesting that the spike down to 1.0025 is all we are likely to see”.