USD/CHF remains bid, targets 0.9470 – Commerzbank
|Karen Jones, Head of FICC Technical Analysis at Commerzbank, noted the pair stays bid and could attempt a test of 0.9470.
Key Quotes
“USD/CHF has recovered to the 23.6% retracement at .9389. This is being eroded and the market remains bid. The market has recently completed a reversal wedge pattern, which suggests further short term strength. We regard last weeks breach of the base of its 2017- 2018 down channel at .9231 and a long term Fibonacci retracement at .9200 as a false break and view .9188 as an interim low”.
“We target nearby resistance at the .9470 8th 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 .9338”.
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