USD/CHF underpinned by 0.9499 – Commerzbank

Senior Technical Analyst at Commerzbank Axel Rudolph sees a re-test of 0.9686/91 remains on the cards as long as 0.9499 holds.

Key Quotes

“USD/CHF has been rejected by its breached long term uptrend line at .9691 but we expect it to remain above the current April low at .9499”. 

“While the April low underpins, a rise above the current April high and the breached long term uptrend line at .9686/91 should eventually be seen with the .9779/.9829 area then being in focus”.

“It is made up of the December low, late March high and the 55- and 200-day moving averages. Dips should find minor support around the .9553 April 1 low”.