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USD/CHF door open to 0.9690? – Commerzbank

FXStreet (Edinburgh) - According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, the recent price action could allow a test of 0.9690.

Key Quotes

USD/CHF has recovered off its 20 day ma, which lies at .9493 and the 2 month uptrend at .9477 today – this is encouraging and suggests a a retest of the recent high at .9690 (initial resistance is .9600)”.

“Only below the uptrend will allow for a deeper retracement to .9371 (38.2% retracement) and potentially the .9301/.9273 support (September low+ 50% retracement) and we are unable to rule this potential deeper correction out”.

“Beyond this, we continue to target .9840, the 2013 high, then .9966/72, the 2012 high and the 61.8% retracement”.

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