USD/CHF now targets 0.9470 – Commerzbank

In view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair could now attempt a test of the 0.9470 region.

Key Quotes

“USD/CHF’s near term tight consolidation is viewed in a bullish light. It is consolidating at the 23.6% retracement at .9389. Dips lower should find support circa .9325 and recover from there. The market has recently completed a reversal wedge pattern, which suggests further short term strength. We regard the recent move lower as a false break and view .9188 as an interim low”.

“We target nearby resistance at the .9470 8 th April high, a break of which should target the .9614/50% retracement. Dips lower should now find nearby support at the 20 day ma at .9343”.