Upside risks remain in place in USD/CHF – Commerzbank

In opinion of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair keeps facing upside risks.

Key Quotes

“USD/CHF continues to hold below the .9956 78.6% retracement. This resistance is reinforced by the .9992 June high. The pullback from here has been tepid and has so far held above the 55 day ma which lies at .9813 and the 200 day ma at .9739. Upside risks remain”.

“Dips will find minor support at .9739, .9642 ahead of .9524. Below .9524 remain 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”.