In opinion of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair’s stance remains corrective for the time being.
“USD/CHF: despite the bounce from .9957 it has not done enough 13 count to negate the downside corrective phase. 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 and we would allow for this to happen”.
“Only above 1.0057 will target 1.0093/1.0108 (April 2017 high and 78.6% retracement) and then 1.0343 – the 2016 high”.
“Failure at the four month uptrend line at .9775 will target the .9535 10th April low and below here will trigger losses to .9425, the 14th March low”.