USD/CHF: 200-DMA at 0.9780 – a tough nut to crack - Commerzbank

In the view of Karen Jones, Analyst at Commerzbank, the 200-DMA of 0.9781 and January high at 0.9798 will continue to guard the upside in USD/CHF.

Key Quotes:

“USD/CHF’s recent bounce off its current January low at .9700 paused at its current January high at .9798. While the 200-day ma at .9780 and the .9798 level cap, downside pressure should be maintained. Failure at .9700 would target the .9553 June 30 low and potentially the .9421 September low. Rallies should find resistance between the 200-day ma at .9780 and the December 20 low at .9830.”

“The market is offered below the .9830 20 December low which guards the more important .9975 78.6% Fibo retracement.”

“Short Term Trend (1-3 weeks): offered below .9975.”