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The pair’s bearish view is seen unchanged while below the downtrend line at 0.9925, noted Senior FICC Technical Analyst at Commerzbank Axel Rudolph.

Key Quotes

USD/CHF rallied to the three month downtrend line at .9925. While capped by it on a daily chart closing basis, our negative bias will remain entrenched”.

“Longer term we target .9211/.9188, the 2018 low”.

“Above the downtrend the 200- and 55-day moving averages form a resistance area with the mid-June high at .9982/1.0014″.