USD/CHF now looks to 0.9886 – Commerzbank
|Spot failed to sustain the up move beyond 1.0000 the figure and is now focused on the 0.9886 level, suggested Karen Jones, Head of FICC Technical Analysis at Commerzbank.
Key Quotes
“USD/CHF failed to maintain a foothold above the psychological resistance at 1.0000 and on Friday again eased back to the 55 day ma at .9938, which has now been eroded and the pendulum has swung to the down side. Attention is on the .9886 support line and last weeks low at .9858, the 9 th July low. Failure here will signal a slide towards .9753/24 (38.2% retracement + 200 day ma) where ideally we will see the market stabilise”.
“It stays offered below 1.00, this guards the May high at 1.0057. The May high at 1.0057 guards 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”.
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