USD/CHF: Pullback to 0.9115/0.9080 is on the cards as risk-off sees franc soaring – Commerzbank

The Swiss franc soars in risk-off trade. USD/CHF may drop to the 0.9115/0.9080 region. Nonetheless, the pair is set to surge towards the April high at 0.9472 in the long-run, according to Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank. 

Risk appetite takes a breather

“The general risk off tone of the markets saw CHF soar. USD/CHF failed at resistance at 0.9264/74 and sold off aggressively, near-term weakness remains corrective only at this point.”

“We remain unable to rule out a pullback into the 0.9115/0.9080 range. Ideally the downside will be contained here.”

Above 0.9274 lies the March 12 high at 0.9325, the early March high can be seen at 0.9375 and the April peak at 0.9472.”