In light of the recent up move through 1.0000, the pair could now test the 1.0057 level, suggested Karen Jones, Head of FICC Technical Analysis at Commerzbank.
Key Quotes
“USD/CHF has popped higher through psychological resistance at 1.0000. This targets 1.0057, the recent high and the 1.0093/1.0108 April 2017 high and 78.6% retracement. This is seen as the last defence for 1.0343, the 2016 high. This should prove tough resistance”.
“Initial support offered by the 55 and 20 day ma at .9737/39 guards the .9858 July low”.
“Dips lower should be contained by the .9858 9 th July low. Failure here will signal a slide towards .9746/24 (38.2% retracement + 200 day ma) where ideally we will see the market stabilise. Failure at 9724 will target the .9535 10th April low and below here will trigger losses to .9425, the 14th March low”.
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