USD/CHF expected to hold at 0.9425/0.9394 – Commerzbank

In opinion of Karen Jones, Head of FICC Technical Analysis at Commerzbank, expects the pair to hold occasional pullbacks in the 0.9425/0.9394 band.

Key Quotes

“USD/CHF Resistance line at .9592 has failed at the four month resistance line and channel mid-point at circa .9550/98. Last week’s low at .9425, together with the January 30 and the February 22 highs at .9410/.9394, should hold, if retested. If not, a slip towards next lower support at .9339/25 may be witnessed. The late February and current March lows were made there”.

“Above .9598 would allow for a move to the 200 day moving average at .9666”.

“We are still of the opinion that the cross formed a bottom at .9188”.