USD/CHF looks to 0.9885 – Commerzbank

In view of Axel Rudolph, Senior Analyst at Commerzbank, the pair needs to clear 0.9885 in order to re-ignite buying interest.

Key Quotes

“USD/CHF has reached the .9850/85 zone. It is made up of the January and April lows as well as the 50% retracement. This area represents tough resistance and we are alert to the idea that it will again hold the topside. A close above .9885 would really ignite upside interest and introduce scope to the .9952/56 May and July 2016 highs”.

“Slips should find support around the recent lows at .9737/05”.

“Only failure at the 55 day ma at .9673 would target the .9553 June 30 low and potentially the .9421 September low”.

“Failure at .9422 (September low) would open the way for the August 2015 low at .9260 to be reached”.