USD/CHF: reduction of time bearish above 0.9700 – Commerzbank

The time bearish the USD/CHF should be relieved above 0.9700, suggested Karen Jones, Commerzbank.

Statements key:

“The rebound of the USD/CHF from the minimum of the 2016 0.9444 is gaining ground. The increases have eroded the bearish trend of 3 months, now at 0.9604, and will have to close above 0.9700 to relieve the bearish pressure immediate (this will signal the end of the bearish trend in the short term to take out the previous maximum).”

“Over here is 0.9770, the maximum of mid-June, but with the order to replenish the interest to the upside we suspect that the market will need to close above 0.9814, the maximum of the end of march. Fall short term, are stated to be contained at around 0.9620/0.9575, and fail before the moving average weekly 55 weeks in 0.9891″.

“Under 0.9444, the objective becomes to 0.9072, the minimum of may 2015”.

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