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The upside momentum in USD/CHF could struggle to overcome the 1.0000/28 band, suggested Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank.

Key Quotes

USD/CHF recovered last week and is capable of retesting the resistance at 1.0000/28, but we suspect that this will again hold. We view near term risks as still on the downside. Scope remains to retest the .9870 55 day ma. 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″.

“A close above 1.0028 is needed to generate some further upside interest but we suspect this will continue to act as a tough near term barrier”.