USD/CHF well supported at 0.9802-0.9787 – Commerzbank

By FXStreet FXStreet (Edinburgh) – Karen Jones, Head of FICC Technical Analysis at Commerzbank, sees strong support for the pair in the 0.9802-0.9787 area.

Key Quotes

“USD/CHF towards the end of last year we saw the market execute a 61.8% retracement and recover. It has taken its time, but now looks set to start the New Year well placed for further gains”.

“The market is pretty well supported circa the .9802/.9787 61.8% retracement and recent low but has also built up substantial support ahead of here at .9860/54”.

“Intraday dips are indicated to hold over .9940/00. Above 1.0035/1.01 lies key resistance, which is 1.0295 and the 1.0328 recent high. A close above here will introduce scope to 1.0732, the 78.6% retracement of the move from 2010 to 2011”.
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Source:: FX Street