USD/CHF still positive above 0.9993 – Commerzbank

Karen Jones, Head of FICC Technical Analysis at Commerzbank, noted the outlook on USD/CHF stays positive above 0.9993.

Key Quotes

“The market continues to consolidate but remains well placed to tackle its next resistance at 1.0159, the 61.8% retracement of the move down from December, however we suspect this will take more than one attempt and we will buy the dip for now. While above the .9993 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 9993 would trigger a slide to the .9861/50 recent low and Fibo”.