USD/CHF bullish above 0.9819 – Commerzbank

The pair’s outlook remains on the bullish side while above 0.9819, suggested Karen Jones, Head of FICC Technical Analysis Research at Commerzbank.

Key Quotes

“USD/CHF saw a brief spike lower but recovered and is poised to challenge the .9956 June high. This is now exposed given that the market has eroded the 11 month resistance line. This remains the break up point to parity and the 1.0256 2016 high. These levels will remain in focus while no daily chart close below the .9819 19th September high is seen. We do have a 13 count on the 60 minute chart and may see the market consolidate very near term”.

“Dips should hold between the .9941/19 below here lie the 200- and 55- day moving averages at .9789/61. Only unexpected failure at the latter level would alleviate the topside push”.