USD/CHF upside bias intact above 0.9530 – Commerzbank

In view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair’s bullish stance remains unchanged while above 0.9530.

Key Quotes

“USD/CHF continues to hold steady and for now we maintain an upside bias above .9530. There is scope for a test of the current August highs at .9770/72, however 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 .9870. Currently the intraday Elliott wave is conflicting however we suspect that dips will hold circa .9570”.

“Failure at .9416 (support line) would open the way for the October 2014 low at .9361 to be reached initially”.