USD/CHF now eyes 0.9857 – Commerzbank

In light of the recent upside, the pair now looks to the 0.9857 level, according to Karen Jones, Head of FICC Technical Analysis at Commerzbank.

Key Quotes

“USD/CHF 2017-2018 downtrend at .9858 has eroded the 61.8% Fibonacci retracement at .9714 and the 55 and 200 week moving averages and in doing so suggests that the path is clear to the 78.6% retracement at .9857 and the 2017-2018 downtrend at .9858 (see weekly chart). The market is immediately bid above the 200 day ma at .9659. This guards the 55 day ma at .9611”.

“Failure at the .9535 10th April low will trigger losses to .9425, the 14th March low”.