USD/CHF initial hurdle lies at 0.9713 – Commerzbank

Karen Jones, Head of FICC Technical Analysis at Commerzbank, noted the initial up barrier facing the pair at 0.9713.

Key Quotes

“USD/CHF is consolidating following the sharp sell off last week, which halted just ahead of .9553, the 78.6% retracement”.

“Key support is the .9444 recent spike low. This is regarded as an aggressive correction lower only, not as the end of the up move”.

“Rallies will find initial resistance offered by the 55 day ma at .9713 and need to regain .9800 to alleviate immediate downside pressure. Currently intraday rallies are indicated to fail .9660/.9700”.