USD/CHF now looks to 1.0132 – Commerzbank

Karen Jones, Head of FICC Technical Analysis at Commerzbank, noted the pair’s upside could extend towards the 1.0130 area.

Key Quotes

“USD/CHF has powered through psychological resistance at 1.00 and has reached the 1.0093 March high, It has reached 1.0104 and we note directly overhead lies the 1.0132 TD resistance and the fact that the new high has been accompanied by a TD perfected set up”.

“Above 1.0132 lies the 1.0295/1.0328 2015 highs. We would exercise some caution though and we would tighten stops. The intraday chart is suggesting a retracement to the .9940/.9865 band”.

“The 1.0328 level is regarded as a major break up point to the 1.0910 61.8% retracement of the move down from 2005”.