USD/CHF might be attempting to base

Commerzbank analysts believe the USD/CHF is losing downside momentum and attempting to base. For today and the whole week, a sideways trading is expected.

Whether 0.9080/66 support (50% retracement of Oct-upside) holds or not, Karen Jones points out some technicals: “Recovery over .9250/63 will see the 0.9316 55 day ma re- challenged, this is the barrier to the .9595 recent high. Failure at 0.9080/66 will trigger a slide to 0.8960, the 61.8% retracement and introduce potential to 0.8785, the 0.786 retracement (of the move up from the October low)”.

“We also find here the 200 day ma at 0.8757, a slide to and recovery from here is our favored scenario”, Jones adds.

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