USD/CHF keeps its upside bias near-term – Commerzbank

The pair’s outlook keeps pointing upwards in the short term, according to Karen Jones, Head of FICC Technical Analysis at Commerzbank.

Key Quotes

“USD/CHF is holding tightly sideways, it maintains a near term upside bias and continues to recover off .9553/22, the 78.6% retracement and recent low, where it held last week on a closing basis and reversed higher”.

“The market now faces the 200 day ma at .9845/46. Once this is overcome, 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”.