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USD/CHF bid above 0.9410 – Commerzbank

FXStreet (Edinburgh) - The pair could hit 0.9840 while trading above the 0.9410 uptrend, suggested Karen Jones, Head of FICC Technical Analysis at Commerzbank.

Key Quotes

“w.fxstreet.com/technical-studies/currencies/audusd/">USD/CHF is stalling 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 .9410 accelerated uptrend we will look for further gains and longer term we target .9840, the 2013 high”.

“A move below the accelerated uptrend at 0.9410 is needed to alleviate immediate upside pressure for a slide back to .9313/01 (38.2% retracement and the September low)”.

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