USD/CHF continues to recover – Commerzbank

Karen Jones, analyst at Commerzbank, notes that USD/CHF continues to recover but has not overcome any resistance of note, leaving the market still on the defensive and attention on key support at .9716/.9659 (location of the 13th August low, 25th June low, the January low and Fibo support).

Key Quotes

“Below .9659 (last week’s low) targets the .9543 September 2018 low. Longer term we target .9211/.9188, the 2018 low. Key resistance remains the 200 day ma at .9954, and we continue to look for this to cap the topside. Initial resistance is the .9902 resistance line.”

“Above the 200 day moving average lies the mid-June high at 1.0014 and 1.0123/78.6% retracement.”