In view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair’s upside could be limited around the 0.9990 area.
“USD/CHF bounced from the 200 day ma at .9878, the 55 week ma also lies here at .9862 and the 61.8% Fibo is found at .9853. We saw a small recovery last week but note that rallies are likely to remain capped by the short term downtrend at 0.9987. Below .9850 would introduce scope to the 78.6% retracement at .9720”.
“A close above .9987/1.0016 (downtrend and 20 day ma) is needed to alleviate downside pressure and generate some upside interest to 1.0248 11th January high and the 1.0328 2015 and 1.0344 December 2016 highs”.
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