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USD/CHF bid above 0.9365 – Commerzbank

FXStreet (Edinburgh) - According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair could reach 0.9595 as long as it keeps the trade above 0.9365.

Key Quotes

USD/CHF remains under pinned by the short term uptrend at .9365 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, but is not expected to provoke reversal”.

“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 0.9365 is needed to alleviate immediate upside pressure for a slide back to .9368/.9270 (23.6% and 38.2% retracement).

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