USD/CHF: Approaching 5 year highs – Commerzbank

Karen Jones, analyst at Commerzbank, suggests that the USD/CHF pair is heading to the 1.0295/January 2015 high and the 1.0343 December 2016 peak, which represents a very tough resistance band for the market and has provoked failure for 5 years.

Key Quotes

“We would expect it to hold again. We note a 13 count of the 240 minute chart and would allow for a minor pullback. To the 1.01 area. The market will find initial support offered by 1.01 then the 55 day ma at 1.0033 ahead of the 200 day ma at .9934.”

“The 200 day ma guards the March low at .9895 The March low guards the .9881 6 month support line and the .9716 recent low.”