The USD/CHF pair is probing the 0.8918 December highs. A break above this level would open the path towards the downtrend at 0.9043, Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, reports.
“USD/CHF is probing the 0.8918 December 21, 24 and 28 peaks. Intraday dips lower will ideally hold around 0.8830, but we are unable to rule out a retest of the 0.8758 recent low.”
“Once 0.8918 is bettered, we look for the 0.8946 December 11 high to be back in play, as well as the August, September and November lows at 0.8983/0.9010. The six-month downtrend lies at 0.9043.”
“Below 0.8758 would allow for an extension to 0.8703/0.8698, the 2014 lows but we look or these to hold the initial test.”