USD/CHF upside bias to return above 1.0039 – Commerzbank

The pair’s upside stance should return on a close above 1.0039, suggested Karen Jones, Head of FICC Technical Analysis at Commerzbank.

Key Quotes

“USD/CHF on Friday sold off to and seen a robust rebound from the .9850 April low, which was made close to the 61.8% Fibonacci retracement at .9853. It will need to close back above the 1.0039 2017 resistance line to negate the downside and reassert upside pressure to 1.0140 the 7 th March high then 1.0335 this years high”.

“Below .9850 will target .9814 would target initially .9720, the 78.6% retracement”.