USD/CHF: 0.9850/80 band could hold the upside – Commerzbank

According to Senior Analyst at Commerzbank Axel Rudolph, the pair’s up move could struggle around the 0.9850/80 band.

Key Quotes

“USD/CHF still pushes hard into the .9808/40 resistance area above which the .9850/85 zone can be spotted. The former is made up of the March low, late May high, current October high and the 200 day ma. The latter contains the January and April lows as well as the 50% retracement. This area represents tough resistance and we are alert to the idea that it will again hold the topside. A close above .9885 would really ignite upside interest and introduce scope to the .9952/56 May and July 2016 highs”.

“Only failure at the 55 day ma at .9670 would target the .9553 June 30 low and potentially the .9421 September low”.

“Failure at .9422 (September low) would open the way for the August 2015 low at .9260 to be reached”.