USD/CHF tests the key 0.9830 resistance en route 0.9975 - Commerzbank

In the view of Karen Jones, Analyst at Commerzbank, further upside in USD/CHF is expected to remain capped by the 0.9830 Dec 20 low.

Key Quotes:

“USD/CHF’s recent bounce off its current January low at .9700 is approaching slightly tougher resistance offered by the December 20 low at .9830, we still favor failure and further downside pressure at this stage. While the .9798/.9830 area caps, downside pressure should be maintained. Directly below the market, however, we find the 2015-2018 support line at .9690 and the .9655 55 week ma, these may well hold the initial test. Only below here would introduce potential for .9553 June 30 low and the .9421 September low.”

“The market is offered below the .9830 20 December low which guards the more important .9975 78.6% Fibo retracement.”

“Short Term Trend (1-3 weeks): offered below .9975.”

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