Forex Flash: USD/CHF stalled below 0.9311 allows slide back to 0.9222 - Commerzbank

Commerzbank analysts confirm that the USD/CHF is stalling around the top of its 3 month channel, at 0.9311 currently, and technically they would allow for some weakness towards the near term support line at 0.9222, while above here an upside bias is maintained. “The key resistance and short term target remains the 0.9390 December high. The market needs to clear 0.9390 on a closing basis to restore an upside bias longer term”, wrote analyst Karen Jones, pointing to a reinforced resistance by the 0.9357 55 week MA.

“A break above here will target 0.9513, the November 2012 high”, she continued, while below 0.9222, the USD/CHF would find support at 0.9144 “and that there is currently little impetus to sustain a move beyond .9000”.