USD/CHF risks a potential test of 0.9696 – Commerzbank

Karen Jones, Head of FICC Technical Analysis at Commerzbank, sees the likeliness of the pair to visit 0.9696.

Key Quotes

“USD/CHF has temporarily topped at .9952 and is under pressure to see a deeper retracement towards .9696, the 61.8% retracement and possibly .9522 the June low. Intraday rallies are indicated to fail circa .9850”.

“We are looking for a correction only and beyond this favour further gains to short term resistance at .9990/1.00. This is the 61.8% retracement of the move down from November 2015 and will act as the break point to the 1.0128 March 2015 peak and the 1.0295/1.0328 2015 highs. Initial resistance is the .9956 30th May high”.