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Karen Jones, Head of FICC Technical Analysis at Commerzbank, noted the relevance of the 0.9789 level.

Key Quotes

USD/CHF continues to recover from just ahead of the 61.8% Fibonacci retracement at .9524 and is seeing a small rebound from here. There is scope for this to extend towards the .9760 area, but while capped by the .9789 June low this will make no impact whatsoever on the chart”.

“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″.

“The market stays directly offered below .9789. Near term rallies will need to regain the .9856 28th June low in order to alleviate the downside bias which now prevails”.