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Karen Jones, analyst at Commerzbank, suggests that USD/CHF pair has been seeing an upside correction near term, the market saw a key day reversal on Tuesday last week from .9659.

Key Quotes

“A sustained break below the .9716/.9692 key support was not seen (location of the 25th June low, the January low and Fibo support) and we would allow for recovery to the 55 day ma at .9848. However we do note that the intraday Elliott wave counts are conflicting and it is possible that the correction is already over.”

“Key resistance remains the 200 day ma at .9959, and we continue to look for this to cap the topside. Below .9659 (last weeks low) targets the .9543 September 2018 low. Longer term we target .9211/.9188, the 2018 low.”

“Above the 200 day moving average lies the mid-June high at 1.0014 and 1.0123/78.6% retracement.”