According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair has now shifted its attention to the 0.9896/58 band.
Key Quotes
“USD/CHF has recently repeatedly failed to maintain a foothold above the psychological resistance at 1.0000 and attention is on the near term uptrend at .9896. Attention is on this and .9858, the 9 th July low. Failure here will signal a slide towards .9756/24 (38.2% retracement + 200 day ma) where ideally we will see the market stabilise”.
“It stays offered below 1.00, this guards the May high at 1.0057. The May high at 1.0057 guards the 1.0093/1.0108 April 2017 high and 78.6% retracement. This is seen as the last defence for 1.0343, the 2016 high. This should prove tough resistance”.
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