USD/CHF does not rule out a visit to 0.9841/44 – Commerzbank

The pair’s upside momentum could still extend to the 0.9840 region, suggested Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank.

Key Quotes

“USD/CHF is struggling to maintain a break of the 55 day ma and recently charted a key day reversal. This suggests that this may be an ‘a-b-c’ correction after all. It is not clear – intraday Elliot wave counts are positive. Failure at current levels would place the market back in the range and re-target the .9613 January low and the September 2018 low at .9543.”

“We are unable to rule out scope for near term strength to extend to .9841/44, the September and October lows and the 200 day ma at .9967.”