USD/CHF further upside interest above 0.9682 – Commerzbank

In view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, extra upside lies above the 0.9680 region in USD/CHF.

Key Quotes

“The market continues to rebound from key support at .9558/44 (the 200 week ma and 2016 low), and it had found initial support at .9600 (this has held 3 times recently). However it needs to clear nearby resistance offered by the Fibo resistance at .9682 and currently appears unable to do so, this is needed to reactivate interest in the upside (please note that the Elliott wave count is now suggesting that the move to .9700 was the end of the correction higher. Above here, the market will be well placed to move towards .9760/.9825. This is the location of the 38.2% and 50% retracement of the move down from May”.

“In order to negate downside pressure and restore the up move the market will need to close above the .9814 end of March low. Failure at .9600 will re-target .9557/44”.