USD/CHF potential test of 0.9990/1.00 – Commerzbank

According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair could test the 0.9990/1.0000 band if it clears the 0.9830 area.

Key Quotes

“USD/CHF is poised to encounter the 200 day moving average at .9832 and we have exited our long positions. We will reinstate on dips but will wait to see the behaviour at the moving average”.

“Above .9832 will target initially .9990/1.00.This is the 61.8% retracement of the move down from November 2015.We note the resistance line from February is being eroded and this has increased upside risks”.