USD/CHF risks a test of 0.9580/0.9485 – Commerzbank

In view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, there is still the chance that the pair could slip back to revisit the 0.9580/0.9485 band.

Key Quotes

“USD/CHF has seen a minor erosion of the .9660/50 September low, which has held on a closing basis but we remain unable to rule out slippage to .9580/.9485. The market has proved unable to clear even initial resistance offered by the 55 day ma at .9747”.

“Last week the market saw emphatic failure at the 200 day ma at .9799, and is on the defensive in its range. The market is back in the middle of the large range .9444 to .9956, which has dominated the market for months now”.

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