USD/CHF door open for a test of 0.9522 – Commerzbank

Karen Jones, Head of FICC Technical Analysis at Commerzbank, sees the likeliness of a potential test of 0.9522.

Key Quotes

“USD/CHF has come under increasing downside pressure over the past week, there is scope for losses to.9522 the June low and possibly .9444/17, the May low and 200 week ma. We view this as the base of a large range which is expected to hold. Intraday rallies are indicated to fail circa .9745”.

“Near term rallies will need to regain .9800 to alleviate immediate downside pressure and allow for recovery to short term resistance at .9990/1.00. This is the 61.8% retracement of the move down from November 2015”.