USD/CHF downside momentum alleviated – Commerzbank

Karen Jones, Head of FICC Technical Analysis at Commerzbank, noted the pair could attempt a small rebound.

Key Quotes

“USD/CHF charted an inside day yesterday and 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 .9900”.

“Below .9693, the market is on track for .9550/43 (the 200 week ma)”.

“It is directly offered below the 200 day ma at .9967, which protects the key resistance is now the 1.0108 April high”.