USD/CHF: Market remains under pressure – Commerzbank

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According to Karen Jones, analyst at Commerzbank, USD/CHF remains under pressure following its recent failure ahead of its 50% retracement at .9967 and the 200 day ma at .9982, which is tough resistance for the market and suspect that the market has topped here.

Key Quotes

“We look for further losses to .9695 25th June low. Above the 200 moving average lies the mid-June high at 1.0014. Longer term we target .9211/.9188, the 2018 low.”

“Only a close above 1.0014 (high 19th June) would alleviate immediate downside pressure and target 1.0097 and possibly 1.0128 before failure again (November and March highs at 1.0124/28).”

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