Small pullback likely in USD/CHF – Commerzbank

Following the recent strong up move, there is room for a small retracement in the pair, suggested Karen Jones, Head of FICC Technical Analysis at Commerzbank.

Key Quotes

“USD/CHF has seen a dramatic rally higher over the past 3 weeks”.

“We have a TD perfected set up on the 240 minute chart and the intraday momentum indicators are overstretched - not enough for failure but enough for a small retracement”.

“Dips lower will find some support circa .9797 (22nd April high) ahead of last weeks low at .9663. Key support is the .9444 recent spike low”.