USD/CHF consolidative near term – Commerzbank

The pair could attempt some consolidation in the near term, suggested Karen Jones, Head of FICC Technical Analysis at Commerzbank.

Key Quotes

“USD/CHF is attempting to stabilise near term and is consolidating at the 23.6% retracement at .9389. Dips lower should find support circa .9315 and recover from there. The market has recently completed a reversal wedge pattern, which suggests further short term strength. We regard the recent move lower as a false break and view .9188 as an interim low”.

“We target nearby resistance at the .9470 8 th April high, a break of which should target the .9614/50% retracement. Dips lower should now find nearby support at the 20 day ma at .9338”.