USD/CHF poised to extend the drop to 0.9789 – Commerzbank

The pair’s downside momentum could extend to the 0.9789 level, suggested Karen Jones, Head of FICC Technical Analysis at Commerzbank.

Key Quotes

“USD/CHF is trading back towards the bottom of its recent range and looks set to extend losses to the .9789 June low and the 200 day ma at .9752 as well as the 55 week ma at .9749. There we should see an attempt at stabilization. The cross is now offered below the June high at .9992. Intraday rallies are indicated to terminate at circa .9885”.

“Below .9744 lies the 55 month ma at .9657”.