USD/CHF neutral to positive above 0.9425 – Commerzbank

The pair’s stance remains neutral to positive while above the 0.9425 level, noted Karen Jones, Head of FICC Technical Analysis at Commerzbank.

Key Quotes

“USD/CHF Resistance line eroded last week saw a slight erosion of the 4 month resistance line. It was not enough to reignite topside interest, but it did stop out our short positions. We are neutral to positive while above the 14th March low at .9425. The move above .9570 allows for a rally to the 200 day moving average at .9658. This guards the .9688/.9703 55 and 200 week moving averages”.

“We are still of the opinion that the cross formed a bottom at .9188”.

“Failure .9425 will allow for slippage towards the next lower support at .9339/25 (the late February and current March lows)”.