USD/CHF stays positive in the short term – Commerzbank

In view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, USD/CHF's stance remains positive in the near term.

Key Quotes

“The market continues to rebound from key support at .9557/44 (the 200 week ma and 2016 low), initial support is .9600 (this has held 3 times recently). It needs to clear nearby resistance offered by the 20 day ma and Fibo resistance at .9661/82, in order to reactivate interest in the upside. Above here, the market will be well placed to move towards .9760/.9825. This is the location of the 38.2% and 50% retracement of the move down from May”.

“In order to negate downside pressure and restore the up move the market will need to close above the .9814 end of March low. Failure at .9600 will re-target .9557/44”.