USD/CHF: potential for a test of 0.9862 – Commerzbank

FXStreet (Edinburgh) – According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, spot needs to clear the 0.9227/42 band to have a chance of test the 0.9860 area.

Key Quotes

USD/CHF is pushing hard into the 200 and 55 day ma at .9527/42”.

“With a 13 count and a TD perfected set up on the 240 minute chart It is likely that this will hold the initial test, but we do then favour a break higher. A close above here is needed to restore the up move to the .9862 April high”.

“Dips lower should find some support at .9440/.9380 ahead of .9287, the 22nd May low. Key support is the .9072/70 recent low and Fibonacci retracement”.

According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, spot needs to clear the 0.9227/42 band to have a chance of test the 0.9860 area…

(Market News Provided by FXstreet)