Karen Jones, analyst at Commerzbank, suggests that USD/CHF is capable of retesting the resistance at 1.0000/28, but if seen, they suspect that this will again hold.
“We view near term risks as still on the downside. Scope remains to retest the .9873 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.”
“The market is neutral. Above the mid-June high at 1.0014/28 on a closing basis targets the 1.0128 mid November 2018 high and the 1.0240 April high.”
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