USD/CHF faces decent resistance at 0.9947/75 – Commerzbank

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In opinion of Axel Rudolph, Senior FICC Technical Analyst at Commerzbank, further upside momentum in USD/CHF should face good resistance in the 0.9947/75 band.

Key Quotes

“Last week USD/CHF has been repelled by the 200 day ma at .9950 with the 55 day ma at .9846 thus being back in the picture for this week”.

“Failure at the next lower .9799 current 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 the .9659 August low lies the .9543 September 2018 low”.

“Good resistance comes in between the July, August and current September highs at .9947/75. Above it sits the mid-June high at 1.0014”.

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