USD/CHF door open for a test of 1.0093 – Commerzbank

In light of the recent breakout of the 1.0000 barrier, the pair could extend the upside to 1.0093 ahead of further gains, suggested Karen Jones, Head of FICC Technical Analysis at Commerzbank.

Key Quotes

“USD/CHF has maintained upside pressure following the break of psychological resistance at 1.00 and in doing so suggests further gains to the 1.0093 March high and the 1.0295/1.0328 2015 highs. We would exercise some caution though as we notice the 13 count on the daily chart and if holding longs, we would tighten stops. The intraday chart is suggesting a retracement to the .9915/.9845 band”.

“The 1.0328 level is regarded as a major break up point to the 1.0910 61.8% retracement of the move down from 2005”.