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In opinion of Axel Rudolph, Senior Analyst at Commerbank, a drop below 0.9858 could mitigate upside pressure.

Key Quotes

“Yesterday USD/CHF probed last week’s high at .9985 which provoked failure marginally below the June highs at .9990/92. We will retain an upside bias while the July lows at .9868/58 underpin. In order for the currency pair to re-assert more lasting upside pressure it will have to overcome the June high at .9992 on a daily chart closing basis”.

“Only unexpected failure at .9858 would alleviate upside pressure and signal a slide towards the .9789/54 zone, made up of the June low and 200 day moving average, where ideally we would see the cross stabilize”.