USD/CHF market remains corrective – Commerzbank

In opinion of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair still remains corrective.

Key Quotes

“USD/CHF has bounced from 1.000, however it has not been 13 count enough to restore the up move and we believe that the market still remains corrective. The cross will find initial support at the .9845 January high. Currently the Elliott wave count on the daily chart is suggesting that the market is likely to correct back into the.9910/.9815 band”.

“Last week the market made a one year high at 1.0057 that was accompanied by a divergence daily RSI. In addition we have a 13 count on the daily chart, and this is viewed as a near term peak”.

“Failure at the four month uptrend line at .9756 will target the .9535 10th April low and below here will trigger losses to .9425, the 14th March low”.