USD/CHF could slip back to 0.9814 – Commerzbank

In light of the recent price action, USD/CHF could now see 0.9814 re-tested, suggested Karen Jones, Head of FICC Technical Analysis at Commerzbank.

Key Quotes

“USD/CHF on Friday after NFP we saw the market rally to and reverse just ahead of the .9956 78.6% retracement. This resistance is reinforced by the .9992 June high. We suspect that it will pull back towards the 55 day ma, which lies at .9814. There is potential for the 200 day ma at .9733”.

“Resistance at .9992 guards the top of the range at 1.0145, the mid-July high”.

“Dips will find minor support at .9733, .9642 ahead of .9524. Below .9524 remain the February high at .9470 and the mid- and late March lows at .9434/25. Further down the 78.6% Fibonacci retracement can be spotted at .9376”.