USD/CHF initial support aligns at 0.9522 – Commerzbank

In light of the recent sell-off, the pair’s decline could face initial support in ithe 0.9520 area, according to Karen Jones, Head of FICC Technical Analysis at Commerzbank.

Key Quotes

“USD/CHF has collapsed lower and started to erode its 5 month uptrend at .9604 (this is holding on a closing basis so far). The next supports are the .9522 23rd June low and .9444/21, these are the 2016 low and the 200 week ma. If tested we look for these to hold”.

“The market will need to recover at least above 0.9746, the 55 day ma, to retarget the topside of the range at .9930/50”.