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Karen Jones, analyst at Commerzbank, suggests that the USD/CHF pair is heading to the 1.0295/January 2015 high and the 1.0343 December 2016 peak, which represents a very tough resistance band for the market and has provoked failure for 5 years.

Key Quotes

“We would expect it to hold again. We note a 13 count of the 240 minute chart and would allow for a minor pullback. To the 1.01 area. The market will find initial support offered by 1.01 then the 55 day ma at 1.0033 ahead of the 200 day ma at .9934.”

“The 200 day ma guards the March low at .9895 The March low guards the .9881 6 month support line and the .9716 recent low.”