USD/CHF: Scope for gains to the 0.9472 March peak – Commerzbank

FXStreet Insights Team FXStreet

USD/CHF has reached the 78.6% retracement at 0.9357. A close above here will trigger a move to the 0.9472 March peak, Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, rporets.

RSI has diverged on the move to a new high

“USD/CHF has traded through but not yet closed above the 78.6% retracement at 0.9357 and we note the divergence of the daily RSI which reflects a loss of upside momentum. The pair may well consolidate in this vicinity and possibly see a small pullback.

“A close above 0.9357 will trigger a move to the 0.9472 March peak. The 200-week ma lies at 0.9589.”

“The market will have to head below the 0.9205 uptrend to alleviate immediate upside pressure.”

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FXStreet Insights Team

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