In view of Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, the stance on USD/CHF is seen negative as long as 0.9978 caps the upside.
Key Quotes
“USD/CHF spent last week recovering from the .9844/41 September and October lows, and starts this week at the .9978 downtrend, which ideally will cap”.
“Failure here should leave attention on the downside and on supports (.9844/41). A negative bias is maintained while capped by the downtrend at .9978, above here will neutralise the chart. Failure at the next lower .9799 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 here sits the .9659 August low and the September 2018 low at .9543″.
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