USD/CHF dips expected to be shallow – Commerzbank

In view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, occasional pullbacks in USD/CHF should be shallow.

Key Quotes

“The market is consolidating below the 55 day ma at 1.0098. The market recently faltered ahead of 1.0159, the 61.8% retracement of the move down from December and has been correcting lower, dips should remain relatively shallow. While above the .9970 near term uptrend, we would expect it to generate some upside interest to 1.0248 11th January high and the 1.0328 2015 and 1.0344 December 2016 highs”.

“Only below 9970 would trigger a slide to the .9861/50 recent low and Fibo”.