In view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, dips in spot are seen meeting contention at 0.9927.
Key Quotes
“USD/CHF continues to struggle to hold gains above the psychological resistance at 1.0000 and continues to consolidate around the May high at 1.0057. It has eased back to and recovered off the 55 and 20 day ma at .9945/41. Ideally dips lower will hold over yesterdays low at .9927 for an upside bias to be maintained. The May high at 1.0057 has been challenged and we look for gains to the 1.0093/1.0108 April 2017 high and 78.6% retracement. This is seen as the last defence for 1.0343, the 2016 high. This should prove tough resistance”.
“Initial support offered by .9927 guards the .9858 July low”.
“Dips lower should be contained by the .9858 9 th July low. Failure here will signal a slide towards .9752/24 (38.2% retracement + 200 day ma) where ideally we will see the market stabilise”.
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