USD/CHF now targets 0.9990-1.0000 – Commerzbank

In view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair remains poised for a test of the 0.9990/1.0000 area.

Key Quotes

“USD/CHF has again rallied through and closed above the 200 day ma (just)– and it is well placed for further gains to short term resistance at .9990/1.00”.

“This is the 61.8% retracement of the move down from November 2015 and will act as the break point to the 1.0128 March 2015 peak and the 1.0295/1.0328 2015 highs”.

“For now we maintain an upside bias above .9685 and a target of the .9956 May high. Initial support is offered by the 55 day ma at .9764. Below .9685 will refocus attention back to the .9522 recent low”.