Karen Jones, Analyst at Commerzbank, notes that the USD/CHF is seeing a small recovery from the 38.2% retracement at .9904 and suggests that the move will struggle after extending to the 1.0000/1.0025 region.
Key Quotes
“The recent high at 1.0128 is viewed as an interim peak. We look for losses back to the late June and July lows at .9868/56, and the 200 day ma at .9821, where we would expect the market to attempt to stabilise.”
“Long term trend (1-3 months): Has topped, looking for a slide to the 55 and 200 week ma at .9780/75.”
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