USD/CHF scope for a test of 0.9522 – Commerzbank

In opinion of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair still risks the possibility of a test of 0.9522.

Key Quotes

“USD/CHF last week topped at .9952 and has spiked down to the .9646 level, there is scope for losses to.9522 the June low and possibly .9444/17, the May low and 200 day ma. We view this as the base of a large range which is expected to hold. Intraday rallies are indicated to fail circa .9745”.

“Near term rallies will need to regain .9800 to alleviate immediate downside pressure and allow for recovery to short term resistance at .9990/1.00. This is the 61.8% retracement of the move down from November 2015”.