USD/CHF: New rebound at the near-term support line at 0.9645 – Commerzbank

USD/CHF has again bounced from the short-term uptrend, which today is located at 0.9645, Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, briefs. The pair trades at 0.97123 at the time of writing.

Key quotes

“It is possible that the market will retest the 200-day ma at 0.9786, however, we suspect that this will hold the topside. Uptrend support guards the April and current May lows at 0.9597/89.” 

“Below 0.9597/89 lies the 0.9501 support and 0.9457, the 61.8% Fibonacci retracement. The market is side lined but offered near-term within this range.”