USD/CHF initial test seen at 0.9857 – Commerzbank

Karen Jones, Head of FICC Technical Analysis at Commerzbank, noted the pair’s upside is expected to meet the resistance area around 0.9850.

Key Quotes

“USD/CHF is poised to encounter the 78.6% retracement at .9857 and the 2017-2018 downtrend at .9858. We do have a note of caution as we notice the TD perfected set up on the daily chart and a 13 count on the 240 minute chart and will look for this to hold the initial test. The market is immediately bid above the 200 day ma at .9664. This guards the 20 day ma at .9655 and uptrend at .9637”.

“Failure at the .9535 10th April low will trigger losses to .9425, the 14th March low”.