USD/CHF: A close above 1.0045 is needed to alleviate downside pressure - Commerzbank

Analysts at Commerzbank explained that the USD/CHF has failed to overcome the downtrend at 1.0045 and sold off sharply.

Key Quotes:

"A close above 1.0045 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."

"The 1.0344 level is regarded as a major break up point to the 1.0910 61.8% retracement of the move down from 2005 and we await a CLOSE above this level to indicate that the market is ready to resume its upmove."