USD/CHF: Bid near term – Commerzbank

Karen Jones, analyst at Commerzbank, suggests that the USD/CHF pair is a bid near term and faces resistance initially at the 1.0052/15th March high and the 1.0075/78.6% retracement.

Key Quotes

“It is possible that we will see the market stall here and ease back to the 200 day ma at .9927. This guards the March low at .9895 and the .9866 6 month support line and the .9716 recent low.”

“The 1.0075/78.6% retracement, is viewed as the last defence for the top of the range at 1.1028, where we would again allow for failure.”

“A break above the 1.0128 November high would introduce scope to the 1.0343 December 2016 peak.”