USD/CHF correction higher could falter near 0.9845 – Commerzbank

According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, rallies in the pair should struggle around the mi-0.9800s.

Key Quotes

“USD/CHF’s correction higher has been tepid and is indicated to terminate circa .9845. Although it has eroded .9720, the 78.6% retracement, we have not seen a close below here and this does suggest a loss of downside momentum. We would allow for a small bounce. Intraday rallies are indicated to struggle circa .9845”.

“Below .9693, the market is on track for .9550/46 (the 200 week ma)”.

“It is directly offered below the 200 day ma at .9970, which protects the key resistance is now the 1.0108 April high”.