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USD/CHF faces decent resistance at 0.9947/75 – Commerzbank

In opinion of Axel Rudolph, Senior FICC Technical Analyst at Commerzbank, further upside momentum in USD/CHF should face good resistance in the 0.9947/75 band.

Key Quotes

“Last week USD/CHF has been repelled by the 200 day ma at .9950 with the 55 day ma at .9846 thus being back in the picture for this week”.

“Failure at the next lower .9799 current September low would push key support at .9716/.9659 to the fore. It is the location of the January, June, mid- and late August lows”.

“Below the .9659 August low lies the .9543 September 2018 low”.

“Good resistance comes in between the July, August and current September highs at .9947/75. Above it sits the mid-June high at 1.0014″.

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