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Karen Jones, analyst at Commerzbank, explains that the USD/CHF pair has recently closed above the top of the range at 1.0128, and yesterday extended its gains.

Key Quotes

“The close above one year highs has introduced scope to the 1.0295/January 2015 high and the 1.0343 December 2016 peak. This represents a very tough resistance band for the market.”

“The market will find initial support offered by 1.01 then the 55 day ma at 1.0030 ahead of the 200 day ma at .9932.”

“The 200 day ma guards the March low at .9895 The March low guards the .9870 6 month support line and the .9716 recent low.”