USD/CHF stays constructive above 0.9425 – Commerzbank

The pair’s stance remains neutral to positive while above the 0.9425 level, suggested Karen Jones, Head of FICC Technical Analysis at Commerzbank.

Key Quotes

“USD/CHF 200 day ma at .9659 continues to inch higher and we remain neutral to positive while above the 14th March low at .9425. The move above .9570 allows for a rally to the 200 day moving average at .9659. This guards the .9688/.9703 55 and 200 week moving averages. Above here targets the .9824/78.6% retracement. We would prefer to buy dips as the daily chart continues to indicate that we will fail shortly”.

“We are still of the opinion that the cross formed a bottom at .9188”.

“Failure .9425 will allow for slippage towards the next lower support at .9339/25 (the late February and current March lows)”.