USD/CHF: some downward pressure in the near-term - Commerzbank

As we head towards the SNB's quarterly Monetary Policy Assessment, Karen Jones, Analyst at Commerzbank, provides a technical outlook for the USD/CHF pair and suggests some downward pressure in the near-term.

Key quotes:

"USD/CHF is easing back from the 78.6% retracement at .9975, it is under pressure near term. Above here lies the 1.0023 resistance line and the 1.0039 recent high. It guards 1.0100/08 the April and May highs and the 1.0145 78.6% retracement. Longer term this is considered to be the last defense for the 1.0335 January 2017 high. Intraday rallies are expected to hold below the .9890 level and are suggesting a slide back to the .9736 December low and beyond."

"Only failure at .9705, the mid October low, would target the .9553 June 30 low and potentially the .9421 September low."