USD/CHF: Approaching Tougher Resistance – Commerzbank
Research Team at Commerzbank, suggests that the USD/CHF is facing some
tough overhead resistance circa .9787/.9833 area – this is made up of
the December low, late March high and the 200 day moving average.
“Intraday dips lower are indicated to terminate circa .9715, with scope for this current move higher than expected to extend towards 1.0065, the March high is also found here circa 1.0093.
We will keep our immediately short term bullish forecast while the .9584 April 19 low underpins. Above it support can be seen at .9688/60, where the mid-April high and February low were made and also along the one month support line at .9668
Recommended Trade: Reinstate longs on dips to .9720, .9690, stop .9665.
Short Term Trend (1-3 weeks): Formed an interim low at .9500.
Long term trend (1-3 months): Break of uptrend suggests losses to the 200 week moving average at .9404.”