USD/CHF downside pressure remains below 0.9800 – Commerzbank

In opinion of Karen Jones, Head of FICC Technical Analysis at Commerzbank, spot remains under downside pressure although the down move is deemed as corrective.

Key Quotes

“USD/CHF remains under pressure following the erosion of the 61.8% retracement at .9640”.

“Risks remain on the downside and below here lies .9553, the 78.6% retracement. Key support is the .9444 recent spike low”.

“This is regarded as an aggressive correction lower not as the end of the upmove. Rallies will need to regain .9800 to alleviate immediate downside pressure. Currently intraday rallies are indicated to fail .9660/.9700”.