USD/CHF initial support at 0.9687 – Commerzbank

The pair’s downside could find initial support around 0.9687, suggested Karen Jones, Head of FICC Technical Analysis at Commerzbank.

Key Quotes

“USD/CHF continues to lose momentum ahead of the 200 day ma at .9845 and is weighing on the downside, near term dips should find some support circa 9687 16th June high and .9683 the 20 day ma”.

“While above here the market retains an immediately bid tone to overcome the .9845/46 resistance. Once this is overcome, attention will be directed at the .9956 May high”.

“Key short term resistance is .9990/1.00. This is the 61.8% retracement of the move down from November 2015. This will act as the break point to the 1.0128 March 2015 peak and the 1.0295/1.0328 2015 highs”.