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USD/CHF buy on dips – Commerzbank

FXStreet (Edinburgh) - Karen Jones, Head of FICC Technical Analysis at Commerzbank, sees pullbacks in the pair as opportunities to go long.

Key Quotes

USD/CHF has eroded our .9325/36 target. This was a major juncture for the currency pair (55 month moving average and the 29 year downtrend)”.

“Currently we are simply going to go with the break higher. We note the TD perfected set up on the 240 minute chart and will attempt longs on a minor pullback”.

“Initial resistance is .9395/.9403 a Fibonacci extension and retracement. Beyond this we target .9595, the 78.6% retracement of the move down from 2013”.

“Initial support lies at .9251, the November 2013 high and then .9209/75 ahead of the .9115 August 6 high”.

“While it remains above the August 22 low at .9104, upside momentum should be maintained”.

“Longer term a weekly close above the .9236 level would be a MAJOR break higher and will see further upside targets of .9840 (May 2013 high) engage”.

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