USD/CHF upside interest reignited above 0.9814 – Commerzbank

In view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, USD/CHF needs to close above 0.9814 in order to resume the upside interest.

Key Quotes

“USD/CHF’s bounce from the .9444 2016 low remains in force. Last week’s sideways move is regarded as a bullish consolidation: Resistance directly above here lies the .9770 mid June high but in order to reignite upside interest we suspect that the market will need to close above the .9814 end of March low and overcome the 55 week ma at .9889 (the weekly Elliott wave counts are suggesting that the rally will fail here). Near term dips should now find the 55 day ma at .9656 offers initial support”.

“Below .9444 targets the .9072 May 2015 low”.