USD/CHF could now target 0.9787/0.9834 – Commerzbank

In opinion of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair might attempt a test of the 0.9787/0.9834 band.

Key Quotes

“USD/CHF reversed last week just ahead of the 200 week ma at .9404 (please note that the .9392 55 month moving average is also located here)”.

“It charted a hammer reversal pattern and saw a strong rally higher which has already eroded the 3 month resistance line”.

“The market has reached the 55 day ma at .9737 and we look for further gains to tough resistance at .9787/.9834 area (the December low, late March high and the 200 day moving average)”.