USD/CHF: intraday dips are likely to hold .9800/15 - Commerzbank

According to Karen Jones, Analyst at Commerzbank, the USD/CHF pair's ongoing recovery move from the 0.9700 handle, 3-month lows, could get extended further beyond the 0.9900 handle towards the top of a near term channel resistance. 

Key quotes:

“USD/CHF’s recent bounce off its current January low at .9700 has eroded the December 20 low at .9830, and this has introduced scope for a move to the top of the short term channel, which today is located at .9928. Intraday Elliott wave counts are more positive and are suggesting intraday dips are likely to hold .9800/15.”

“Directly below the market however we find the 2015-2018 support line at .9690 and the .9655 55 week ma, these may well hold the initial test. Only below here would introduce potential for .9553 June 30 low and the .9421 September low.”