USD/CHF remains bid, targets 0.9470 – Commerzbank

Pablo Piovano FXStreet

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 8^th 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”.

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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