USD/CHF stays upside corrective – Commerzbank

The upside momentum in USD/CHF faces strong resistance in the 0.9770 area, suggested Karen Jones, Head of FICC Technical Analysis at Commerzbank.

Key Quotes

“USD/CHF’s bounce from the .9444 2016 low remains in force: The market remains upside corrective, resistance directly above here lies the .9770 mid June high but in order to reignite upside interest we suspect that the market will need to close above the .9814 end of March low and overcome the 55 week ma at .9890 (the weekly Elliott wave counts are suggesting that the rally will fail here). Near term dips are indicated to hold circa .9605/.9670”.

“Below .9444 targets the .9072 May 2015 low”.