In view of 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 .9983.
“This is tough resistance for the market and we suspect that the market has topped here – and 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, though.”
“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).”