USD/CHF negative near term – Commerzbank

USD/CHF’s stance stays on the negative side in the short term, suggested Karen Jones, Head of FICC Technical Analysis at Commerzbank.

Key Quotes

“USD/CHF near term outlook is negative. The market failed last week to overcome .9700 and has eroded the 200 week ma at .9559. We have the June 2016 low at .9522 and the 2016 low at .9444 directly below the market and in the spotlight. We suspect that this will hold the initial test, as we note the TD perfected set up on the 240 minute chart. Failure here will target the .9072 May 2015 low”.

“In order to negate downside pressure and restore the up move the market will need to close above the .9814 end of March low”.