USD/CHF initial hurdle at 0.9600 – Commerzbank

In opinion of Karen Jones, Head of FICC Technical Analysis at Commerzbank, USD/CHF should find initial resistance in the 0.9600 neighbourhood.

Key Quotes

“The market continues to rebound from key support at .9557/44 (the 200 week ma and 2016 low), initial support is .9600. It is pushing hard into nearby resistance offered by the 20 day ma and Fibo resistance at .9671/82”.

“This correction higher is now indicated to terminate circa .9760/.9825. 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”.