USD/CHF approaching 5 year highs – Commerzbank

Karen Jones, analyst at Commerzbank, points out that the USD/CHF pair maintained upside pressure last week but is approaching the 1.0295/January 2015 high and the 1.0343 December 2016 peak.

Key Quotes

“This represents a very tough resistance band for the market – this has provoked failure for 5 years. We note the 13 count on the weekly chart and would expect the resistance to hold again.”

“We note a 13 count of the 240 minute chart and would allow for a minor pullback towards the 1.01 area. The market will find initial support offered by 1.0128 (November high) then the 55 day ma at 1.0039 ahead of the 200 day ma at .9938.”

“The 200 day ma guards the March low at .9895 The March low guards the .9885 6 month support line and the .9716 recent low.”