USD/CHF risks remain on the topside – Commerzbank

In opinion of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair’s risks remain tilted to the topside.

Key Quotes

“USD/CHF is pushing hard into the .9992 June high. The pullback from here remains tepid and has so far held above the 55 day ma which lies at .9814 and the 200 day ma at .9747. We will assume overall risk remains on the topside, however we are cautious the new high has not been confirmed by the daily RSI”.

“Dips will find minor support at .9747, .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”.