USD/CHF scope for further gains – Commerzbank

In opinion of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair looks poised to extend its upside.

Key Quotes

“USD/CHF has seen only a shallow consolidation and looks ready to resume its up move. The retracement from here has been extremely shallow and the market recently held the 1.0080 level (this was cloud support on the 240 minute chart). It is well ahead of even the 23.6% retracement at 1.0040”.

“Above 1.0192 lie the 1.0256/1.0328 2015 highs. 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”.