USD/CHF potential visit to 0.9799 – Commerzbank

According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair could attempt a bounce towards the 0.9800 handle.

Key Quotes

“USD/CHF last week sold off towards the 2015-2016 uptrend at .9635”.

“We look for this to hold the initial test, the .9661 February low is found here and the 78.6% retracement and we would allow for a near term rebound back towards approximately the 200 day ma at .9799”.

“In order to reverse the damaging sell off the market will have to regain this moving average on a closing basis”.