USD/CHF bid above 0.9690/70 – Commerzbank

In view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair keeps the bid bias while above the 0.9690/70 band.

Key Quotes

“USD/CHF rallied strongly higher On Friday and starts this week probing the 200 day ma at .9808, this is now exposed. Currently we look for the market to remain well supported on dips to .9690/70 and favour recovery and while above here will remain immediately bid. We note the 13 count on the 60 minute chart and would allow for some consolidation very near term”.

“While no slip and daily chart close below the early August and current September low at .9650/34 is seen, the May and July highs at .9952/56 will remain in focus, together with parity”.