In view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair could drop to the 0.9900/0.9880 band.
Key Quotes
“USD/CHF looks to have failed at the psychological resistance at 1.0000 and we would allow for a pullback to .9900/.9880 ahead of any further upside probes. Above 1.0000 targets 1.0057, the recent high. This guards the 1.0093/1.0108 (April 2017 high and 78.6% retracement) and then 1.0343, the 2016 high”.
“The .9856 25th June low guards the recent low at .9789 and the 200 day ma at .9736″.
“Failure at 9736/24 (38.2% retracement + 200 day ma) will target the .9535 10th April low and below here will trigger losses to .9425, the 14th March low”.
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