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In opinion of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair could retreat further and test the 55-day SMA in the 0.9810 area.

Key Quotes

USD/CHF has tested and reacted back from the .9956 78.6% retracement. This resistance is reinforced by the .9992 June high. We suspect that the market will pull back towards the 55 day ma, which lies at .9812 and there is potential for the 200 day ma at .9735″.

“Dips will find minor support at .9735, .9642 ahead of .9524. Below .9524 remain the February high at .9470 and the mid- and late March lows at .9434/25. Further down the 78.6% Fibonacci retracement can be spotted at .9376″.