USD/CHF could slip back to 0.9858 – Commerzbank

Karen Jones, Head of FICC Technical Analysis at Commerzbank, noted the pair could recede towards the 0.9858 level.

Key Quotes

“USD/CHF remains on the defensive and we look for losses towards the .9858 9 th July low. Failure here will alleviate upside pressure and signal a slide towards .9789/56 (June low+ 200 day ma) where ideally we will see the market stabilise”.

“The market stays offered below .9980. This guards the May high at 1.0057. The May high at 1.0057 guards the 1.0093/1.0108 April 2017 high and 78.6% retracement. This is seen as the last defence for 1.0343, the 2016 high. This should prove tough resistance”.