USD/CHF expected to struggle in the 1.0000/28 band – Commerzbank
|The upside momentum in USD/CHF could struggle to overcome the 1.0000/28 band, suggested Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank.
Key Quotes
“USD/CHF recovered last week and is capable of retesting the resistance at 1.0000/28, but we suspect that this will again hold. We view near term risks as still on the downside. Scope remains to retest the .9870 55 day ma. Failure at the next lower .9799 September low would push key support at .9716/.9659 to the fore. It is the location of the January, June, mid- and late August lows. Below here sits the .9659 August low and the September 2018 low at .9543”.
“A close above 1.0028 is needed to generate some further upside interest but we suspect this will continue to act as a tough near term barrier”.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.