USD/CHF upside should face resistance at 0.9630 – Commerzbank

Occasional bullish attempts in USD/CHF are expected to find a tough barrier in the 0.9630 region, suggested Karen Jones, Head of FICC Technical Analysis at Commerzbank.

Key Quotes

“USD/CHF has reached the .9444 2016 low. It has held the initial test for a small rebound, rallies will find initial resistance at the 3 month downtrend at .9630 and will need to close above .9700 to alleviate immediate downside pressure. However the market remains under downside pressure following the recent break below the 200 week ma at .9560 last week. Below .9444 targets 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. Initial resistance lies at .9700. Initial resistance is .9560”.