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USD/CHF remains bullish above 0.9354 – Commerzbank

FXStreet (Edinburgh) - The pair will keep the positive bias as long as it trades above 0.9354 level, suggested Karen Jones, Head of FICC Technical Analysis at Commerzbank.

Key Quotes

USD/CHF’s move higher looks a little over stretched and we would allow for some consolidation”.

“Dips lower are finding good support offered by the accelerated uptrend at .9354 and while above here, scope remains for a move to .9595, the 78.6% retracement of the move down from May 2013”.

“We believe that this will hold the initial test. The market has recently charted a weekly close above .9236 – i.e. above the 200 month ma and above the 29 year downtrend”.

“Longer term we target .9840, the 2013 high”.

“A move below the accelerated uptrend at 0.9354 is needed to alleviate immediate upside pressure for a slide back to .9360/.9260 (23.6% and 38.2% retracement)”.

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