By Pablo Piovano
Karen Jones, Head of FICC Technical Analysis at Commerzbank, expects the pair to face resistance at 0.9845 ahead of 0.9956.
“USD/CHF has sold off to .9553, the 78.6% retracement, where it held on a closing basis and reversed”.
“The move higher will shortly encounter the 200 day ma at .9845 and once this is overcome attention will direct at the .9956 May high”.
“Key short term resistance is .9990/1.00. This is the 61.8% retracement of the move down from November 2015. This will act as the break point to the 1.0128 March 2015 peak and the 1.0295/1.0328 2015 highs”.
News Source: http://www.fxstreet.com/