USD/CHF remains under pressure – Commerzbank

Senior Technical Analyst at Commerzbank Axel Rudolph noted the pair has come under renewed pressure as of late.

Key Quotes

“USD/CHF’s recent rally terminated at the 50% retracement at .9772 and the market is back under pressure: The market has recently been rejected by the .9770 mid-June high and slipped to .9583 last week, before recovering slightly. Failure there would imply a return visit to the .9444/39 recent low and May 2016 low”.

“Below .9444 targets the .9072 May 2015 low”.

“Short term the mid-July high at .9700 could be retested, however”.