USD/CHF still bullish above 0.9650/34 – Commerzbank

In view of Karen Jones, Head of FICC Technical Analysis Research at Commerzbank, the pair keeps it focus on the 0.9952/56 area as long as it trades above the 0.9650/34 band.

Key Quotes

“USD/CHF has started to break lower following its recent failure at the 200 day ma at .9807. It has sold off to .9650, the 8 th September low (yesterdays low was .9660– this leaves the market on the defensive and back on the middle of the large range .9444 to .9956, which has dominated the market for months now”.

“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. Intraday Elliott counts at currently implying that .9650 will hold”.