USD/CHF back to the middle of the range – Commerzbank

Karen Jones, Head of FICC Technical Analysis Research at Commerzbank, noted the recent price action of the pair, expecting to remain underpinned by the 0.9650/34 band.

Key Quotes

“USD/CHF has sold off towards and is attempting to recover from the .9650 September low. Last week the market saw emphatic failure at the 200 day ma at .9803. It has sold off to .9650, the 8 th September low (last weeks low was .9660) – this leaves the market on the defensive and back on the middle of the large range .9444 to .9956, which has dominated the market for months now”.

“While no slip and daily chart close below the early August and current September low at .9650/34 is seen, the May and July highs at .9952/56 will remain in focus, together with parity. Intraday Elliott counts at currently implying that .9650 will hold”.