USD/CHF is now on the defensive, looks to 0.9716/0.9659 – Commerzbank

The pair has now shifted its attention to the 0.9716/0.9659 area following Friday’s sharp pullback, noted Karen Jones, Team Head FICC Technical Analysis at Commerzbank.

Key Quotes

“USD/CHF crept higher all week, and then charted an outside day to the downside on Friday that wiped out the weeks gains, this places it on the defensive and attention is on key support is the .9716/.9659 band (location of the 13th August low, 25th June low, the January low and Fibo support). Below .9659 (last weeks low) targets the .9543 September 2018 low. Longer term we target .9211/.9188, the 2018 low”.

“Key resistance, remains the 200 day ma at .9955, and we continue to look for this to cap the topside”.