USD/CHF scope for a test of 0.9669 – Commerzbank

There is now room for USD/CHF to re-visit the 0.9670 region in light of the recent price action, according to Axel Rudolph, Senior Analyst at Commerzbank.

Key Quotes

“USD/CHF Resistance line is at .9540 reached the four month resistance line at .9540 as expected. Over the coming weeks the cross could also touch the 200 day moving average at .9669”.

“Last week’s low at .9425, together with the January 30 and the February 22 highs at .9410/.9394, should hold, if retested. If not, a slip towards next lower support at .9339/25 may be witnessed. The late February and current March lows were made there”.

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

“Below .9325 would target the .9257 February 1 low and also the .9188 February trough”.