USD/CHF poised for a test of 0.9845/46 – Commerzbank

In view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair could now be on its way to test 0.9845/46.

Key Quotes

“USD/CHF yesterday eased back to and recovered from 9687 16th June high and .9685 the 20 day ma, the market charted an outside day to the topside and we will assume has based near term, It is well placed to overcome the .9845/46 resistance”.

“Once this happens, attention will be directed at the .9956 May high. Key short term resistance is .9990/1.00. This is the 61.8% retracement of the move down from November 2015. This will act as the break point to the 1.0128 March 2015 peak and the 1.0295/1.0328 2015 highs”.