USD/CHF poised for a re-test of the 0.9800 area – Commerzbank

In opinion of Karen Jones, Head of FICC Technical Analysis Research at Commerzbank, the recent price action in spot opens the door for a potential test of the 0.9800 region.

Key Quotes

“USD/CHF continues to push hard into initial resistance offered by the 55 day ma at .9744, we would allow for a retest of the 200 day ma at .9798. The market is back in the middle of the large range .9444 to .9956, which has dominated the market for months now, but is bid in that range”.

“While no slip and daily chart close below the early August and current September low at .9650/34 is seen, the May and July highs at .9952/56 will remain in focus, together with parity”.

“Support below the next lower .9522 June low comes in at .9499/.9444, where the April and May lows were made”.