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USD/CHF: Looking for the market to re-take the area above 1.00 - Commerzbank

"USD/CHF saw a strong rally higher last week and bounced straight off the 50% retracement of at .9730," notes Karen Jones, Head of FICC Technical Analysis at Commerzbank.

The market has reached the 78.6% retracement at .9975 and is holding here, above here lies the 1.0039 recent high. It guards 1.0100/08 the April and May highs and the 1.0145 78.6% retracement. Longer term this is considered to be the last defense for the 1.0335 January 2017 high.

Dips back from here are indicated to hold circa .9860/50 and we remain positive above here.

Only failure at .9705, the mid October low, would target the .9553 June 30 low and potentially the .9421 September low.

  • Short Term Trend (1-3 weeks): Target 1.0100/08, 1.0145 then 1.0335.
  • Long term trend (1-3 months): Market is heading to the top of the range at 1.0295/1.0343.

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