USD/CHF directly offered below 0.9970 – Commerzbank

Karen Jones, Head of FICC Technical Analysis at Commerzbank, noted the pair stays offered while below 0.9970.

Key Quotes

“USD/CHF’s correction higher has been tepid and it is back under pressure. It has closed below .9720, the 78.6% retracement and this suggests that it is on track for .9550/44 (the 200 week ma and 2016 low). It is interesting to note that the daily RSI has not yet confirmed the new low, and we may see a small rebound, however these are likely to struggle .9725/75”.

“It is directly offered below the 200 day ma at .9970, which protects the key resistance is now the 1.0108 April high”.