USD/CHF attention shifted to 0.9956 – Commerzbank

According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, the recent upside in spot opens the door for a visit of 0.9956.

Key Quotes

“USD/CHF has catapulted through the 200 day ma at .9846/47 and targets 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”.

“Essentially while above .9687 16th June high, we will remain positively biased”.

“Below .9685 will refocus attention back to the .9522 recent low. Intraday Elliott wave signals are conflicting”.