USD/CHF finds initial resistance at 0.9716 – Commerzbank

In view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair’s upside could find the initial hurdle at 0.9716.

Key Quotes

“USD/CHF continues to hold sideways and attention is on the .9572/78 lows. This together with .9553, the 78.6% retracement, are key short term and are considered to be the last defence for the .9444 recent spike low. Currently they are holding”.

“Rallies will find initial resistance offered by the 55 day ma at .9716 and will need to regain this to alleviate immediate downside pressure. Above .9715 lies the .9844 200 day ma. Key short term resistance is .9990/1.00. This is the 61.8% retracement of the move down from November 2015”.