Neutral outlook in USD/CHF – Commerzbank

FXStreet (Edinburgh) - The recent price action in the pair has turned the outlook to neutral, suggested Karen Jones, Head of FICC Technical Analysis at Commerzbank.

Key Quotes

“USD/CHF trades back above the 55 day ma at .9700 now that it has again bounced off the 61.8% Fibonacci retracement at .9657”.

“Given the 2001-2015 downtrend lies at .9855 – we are neutral. Below here a slide back to the 200 day ma and the recent low at .9535/27 may still ensue”.

“A close above .9855 would be significant and is needed for a move to psychological resistance at 1.0000 and the 2015 high at 1.0295 to be reached”.