USD/CHF could still slip back to 0.9844 – Commerzbank

Karen Jones, Head of FICC Technical Analysis at Commerzbank, believes the pair has topped at 1.0228.

Key Quotes

“USD/CHF has bounced higher to challenge the 55 day ma at .9996. The market is underpinned by the 200 day moving average at .9923 with the January low at .9906 continuing to offer support. We still believe that the market has topped at 1.0228, though. We thus also still look for a slide towards the .9844 6 month support line and the .9716 recent low”.

“Ideally we would expect to see near term rallies falter around the 55 day ma at .9996 and while capped here the market will remain offered. Above 1.0010 neutralises the chart”.