USD/CHF potential base at 0.9686 – Commerzbank

Karen Jones, Head of FICC Technical Analysis at Commerzbank, believes the pair could have based at 0.9686.

Key Quotes

“USD/CHF continues to hold and consolidate over .9687 16th June high and .9698 the 20 day ma and we remain positively biased. The market charted an outside day to the topside and we will assume has based near term at .9686. It is now well placed to overcome the .9845 200 day ma”.

“Once this happens, attention will be directed at the .9956 May high. Key short term resistance is .9990/1.00. This is the 61.8% retracement of the move down from November 2015. This will act as the break point to the 1.0128 March 2015 peak and the 1.0295/1.0328 2015 highs”.