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Following the recent price action in USD/CHF, another test of the mid-0.9800s looks likely, suggested Karen Jones, Team Head FICC Technical Analysis at Commerzbank.

Key Quotes

USD/CHF saw a key day reversal on Tuesday last week from .9659 and we are seeing a correction higher. A sustained break below the .9716/.9692 key support presently was not seen (location of the 25th June low, the January low and Fibo support) and we would allow for recovery to the 55 day ma at .9853. Key resistance remains the 200 day ma at .9961, our overall bearish bias is entrenched below here”.

“Below .9659 (last weeks low) targets the .9543 September 2018 low. Longer term we target .9211/.9188, the 2018 low”.