USD/CHF could slip back to 0.9915 – Commerzbank

In light of the recent price action, the pair could now shed some ground and revisit 0.9915, suggested Karen Jones, Head of FICC Technical Analysis at Commerzbank.

Key Quotes

“USD/CHF’s new high has still not been confirmed by the daily RSI and we note the 13 count on the daily chart and this suggests that we are likely to see failure – we would allow for a near term dip lower to .9915. It will find additional support at the .9956 9 th Oct high and the 55 day ma at .9823. Resistance lies at 1.0145, the mid-July high and the 78.6% retracement at 1.0096. This is the last defence for the 1.0343 December 2016 peak”.

“Below the 55 day ma alleviates immediate upside pressure for a slide back to the 200 day ma at .9763. Dips will find minor support at .9763, .9642 ahead of .9524”.