USD/CHF dips should hold near 0.9950 – Commerzbank

Karen Jones, Head of FICC Technical Analysis at Commerzbank, expects occasional pullbacks in the pair to find support in the mid-0.9900s.

Key Quotes

“USD/CHF failed to clear the 1.0108 April high and Friday sold off. This is currently viewed as the market consolidating following the recent erosion of the 2017 resistance line and our attention remains on overhead resistance. Initial resistance lies at 1.0140 the 7 th March high then 1.0335 this years high.. Dips lower are indicated to hold stabilise circa 0.9950”.

“Below .9945 will leave the recent low at .9850 again exposed, below here will target .9814 and below here would target initially .9720, the 78.6% retracement”.