According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, buying interest in spot should re-emerge after clearing the 0.9814/74 band.
“USD/CHF has eroded the 4 month resistance line and the .9700 August high. The opens the path to the current August highs at .9770/72. In order to reignite medium term upside interest we suspect that the currency pair will need to close above the .9814 end of March low and overcome the 55 week ma at .9874.Currently the intraday Elliott wave is conflicting however we suspect that dips will hold circa .9570”.
“Failure at .9417 (support line) would open the way for the October 2014 low at .9361 to be reached initially”.
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