USD/CHF risks a new visit of 0.9634 – Commerzbank

In opinion of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair could re-test 0.9685 ahead of 0.9634.

Key Quotes

“USD/CHF failed last week on the initial approach to the 200 day ma at .9854 and the market is on the defensive. We would allow for losses back to .9685 and .9634, the recent low”.

“The market will need to recover at least above 0.9800 to retarget the topside of the range at .9930/50”.

“Above the .9950 resistance lies at .9990/1.00. This is the 61.8% retracement of the move down from November 2015”.