USD/CHF could test the 0.9660 area – Commerzbank

In view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair could attempt a visit to the 0.9660 area.

Key Quotes

“USD/CHF has maintained downside pressure and has sold off to the 50% retracement at .9700”.

“Risks remain on the downside and we would allow for losses to the12th May low at .9663. Below here lie .9640 and .9553, the 61.8% and 78.6% retracements. Key support is the .9444 recent spike low”.

“This is regarded as an aggressive correction lower not as the end of the upmove. Rallies will need to regain .9850 to retarget the .9956 recent high”.