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USD/CHF targets 0.9840 – Commerzbank

FXStreet (Edinburgh) - According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair could be headed to test the area of 0.9840.

Key Quotes

USD/CHF is consolidating/eroding .9325/36 – this is a major juncture representing the 55 month moving average and the 29 year downtrend”.

“What is interesting is that the market does not appear to be backing away from this zone and risks remain on the topside”.

“A weekly close above the .9236 level has been seen and we target .9840 (May 2013 high) longer term”.

“We are cautious - we note the TD perfected set up on the weekly chart and the market has stalled at initial resistance at .9395/.9403 a Fibonacci extension and retracement”.

“Beyond a small dip lower we target .9595, the 78.6% retracement of the move down from 2013”.

“Initial support is the .9254 accelerated uptrend. This guards the .9115 August 6 high and the August 22 low at .9104”.

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