USD/CHF could slip back to 0.9813/0.9737 – Commerzbank

The pair could retreat to the 0.9813/0.9737 band, suggested Karen Jones, Head of FICC Technical Analysis at Commerzbank.

Key Quotes

“USD/CHF spent much of last week consolidating below the .9956 78.6% retracement. This resistance is reinforced by the .9992 June high. We look for the market to pull back towards the 55 day ma which lies at .9813 and there is potential for the 200 day ma at .9737”.

“Dips will find minor support at .9737, .9642 ahead of .9524. Below .9524 remain the February high at .9470 and the mid- and late March lows at .9434/25. Further down the 78.6% Fibonacci retracement can be spotted at .9376”.