USD/CHF positive above 0.9687 – Commerzbank

Karen Jones, Head of FICC Technical Analysis at Commerzbank, noted the positive bias for the pair while above 0.9687.

Key Quotes

“USD/CHF popped higher on Friday, tested but failed to close above the 200 day ma at .9846. This suggests some further near term consolidation, however while above .9687 16th June high, we will remain positively biased”.

“A close above .9846 is needed to cast attention on to the .9956 May high. Key short term resistance is .9990/1.00. This is the 61.8% retracement of the move down from November 2015. This will act as the break point to the 1.0128 March 2015 peak and the 1.0295/1.0328 2015 highs”.

“Below .9685 will refocus attention back to the .9522 recent low. Intraday Elliott wave signals are conflicting”.