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According to Axel Rudolph, Senior Analyst at Commerzbank, the pair’s stance remains offered while below 0.9789.

Key Quotes

USD/CHF‘s is back under pressure and nears the 61.8% Fibonacci retracement at .9524. Below it lie the February high at .9470 and the mid- and late March lows at .9434/25. Further down the 78.6% Fibonacci retracement can be spotted at .9376. Rallies should find initial resistance offered by the 200 day ma at .9735 and remain contained by the .9789 June low”.

“The market stays directly offered below .9789. Near term rallies will need to regain the .9856 28th June low in order to alleviate the downside bias which now prevails”.