USD/CHF further gains likely above 0.9819 – Commerzbank

Pablo Piovano FXStreet

Karen Jones, Head of FICC Technical Analysis Research at Commerzbank, sees the pair could extend its upside as long as it trades above 0.9819.

Key Quotes

“USD/CHF has seen a small erosion of the 2016 downtrend and eased into slight 7 month highs last week. The market is probing the .9956 June high, it has yet to close above here. This is now exposed and remains the break up point to parity and the 1.0256 2016 high. These levels will remain in focus while no daily chart close below the .9819 19th September high is seen. We do have a 13 count on the 60 minute chart and may see the market consolidate very near term”.

“Dips should hold between the .9941/19 (mid September peak) below here lie the 200- and 55-day moving averages at .9789/63. Only unexpected failure at the latter level would alleviate the topside push”.

1. R3 0.9961
2. R2 0.9955
3. R1 0.9947
PP 0.9941
1. S1 0.9934
2. S2 0.9928
3. S3 0.9920

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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