USD/CHF decline still seen as limited – Commerzbank

Karen Jones, Head of FICC Technical Analysis at Commerzbank, still sees USD/CHF's downside as limited.

Key Quotes

“The market is finding some nearby support at .9614, the base of a 2 year channel. We are unable to dismiss further slippage to .9547/44 (the 200 week ma and 2016 low). We note however that daily RSI has diverged – this reflects a loss of downside momentum and the market has breached its accelerated downtrend - we suspect that the downside is now limited. Near term rallies are likely to struggle .9715/25”.

“It is directly offered below the .9814 March low, which guards the 200 day ma at .9966, which in turn protects the key resistance is now the 1.0108 April high”.