Karen Jones, Analysts at Commerzbank, notes that the USD/CHF pair has stalled its upside below 1.0000 while the 25th June lows of 0.9856 is likely to keep the downside cushioned.
Key Quotes:
“USD/CHF has recently again pulled back to .9900/.9880 and is holding here. While above here it remains well placed to tackle resistance at .9990/1.0000. 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 .9740.”
“Failure at 9740/24 (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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