USD/CHF initially supported at 0.9620/45 – Commerzbank

According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, occasional pullbacks in the pair should find support in the 0.9620/45 band.

Key Quotes

“USD/CHF has maintained upside pressure following its reversal day charted on Tuesday”.

“The rally higher has corrected its oversold RSI and given the TD perfected set up and the reversal just ahead of the October 2015 low, we suspect that the market has based”.

“We have rallied to the February low at .9660 and previous downtrend at .9684 (which is now resistance) and would allow for this to hold the initial test ahead of gains to the .9827 200 day ma”.

“Dips will find minor support at .9620/45 ahead of the .9560”.