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USD/CHF strong resistance at 0.9620 – Commerzbank

FXStreet (Edinburgh) - Karen Jones, Head of FICC Technical Analysis at Commerzbank, sees the 0.9620 level as a tough barrier.

Key Quotes

USD/CHF has reached and has stalled at .9595, the 78.6% retracement of the move down from May 2013”.

“Directly above here we find the 2012-2014 resistance line at .9620. This presents tough overhead resistance, together with the 13 count on the daily chart we look for a small correction lower near term”.

“While dips lower are contained by the .9398 accelerated uptrend we will look for further gains and longer term we target .9840, the 2013 high”.

“A move below the accelerated uptrend at 0.9388 is needed to alleviate immediate upside pressure for a slide back to .9313/01 (38.2% retracement and the September low)”.

Spain 10-y Obligaciones Auction fell from previous 2.272% to 2.075%

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