USD/CHF poised for a visit to 1.0203 – Commerzbank

Karen Jones, Head of FICC Technical Analysis at Commerzbank, sees there is scope for the pair to test levels above the 1.0200 mark.

Key Quotes

“USD/CHF just missed (just) our partial take profit and has rocketed higher – the move lower seen yesterday is viewed as the end of the correction lower and the market is well placed to now tackle the 1.0205 recent high and then the 1.0256/1.0328 2015 highs. The 1.0328 level is regarded as a major break up point to the 1.0910 61.8% retracement of the move down from 2005”.

“Dips lower will find initial support at the 20 day ma at 1.0105 ahead of 1.0020. Below 1.0020 lies the 38.2% retracement and May high at .9956/55”.