USD/CHF: some downward pressure in the near-term - Commerzbank

Haresh Menghani FXStreet

As we head towards the SNB's quarterly Monetary Policy Assessment, Karen Jones, Analyst at Commerzbank, provides a technical outlook for the USD/CHF pair and suggests some downward pressure in the near-term.

Key quotes:

"USD/CHF is easing back from the 78.6% retracement at .9975, it is under pressure near term. Above here lies the 1.0023 resistance line and the 1.0039 recent high. It guards 1.0100/08 the April and May highs and the 1.0145 78.6% retracement. Longer term this is considered to be the last defense for the 1.0335 January 2017 high. Intraday rallies are expected to hold below the .9890 level and are suggesting a slide back to the .9736 December low and beyond."

"Only failure at .9705, the mid October low, would target the .9553 June 30 low and potentially the .9421 September low."

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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