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In view of Karen Jones, analyst at Commerzbank, USD/CHF’s outlook is negative and the immediate downside bias is maintained by the .9745 accelerated downtrend.

Key Quotes

“Below .9647 targets the September 2018 low at .9543. We have the .9623 23.6% retracement from the 2015 low also here.”

“Slightly longer term we look for a fall back to the 2018 low at .9188, this is also the 38.2% retracement of the same move from 2015. While rallies are capped by the lows seen in September and October 2019 at .9841/44, the market will remain immediately offered.”

“A rise above the .9844 resistance would suggest recovery to the .9707/22 band of resistance, which if seen we would again look to cap.”