USD/CHF downside pressure mitigated above 0.9856 – Commerzbank

In view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the downside pressure in spot should be alleviated on a break above the 0.9856 level.

Key Quotes

“USD/CHF has stalled at the 200 day ma at .9747 and attention has reverted to the .9657/53 recent low and 55 month ma. Near term rallies will need to regain the .9856 28th June low in order to alleviate the downside bias which now prevails”.

“Failure at .9650 on a weekly closing basis will imply that the market has topped longer term. Below .9650 targets .9520, the 61.8% retracement of the move seen this year”.