USD/CHF stabilising here – Commerzbank

According to Axel Rudolph, analyst at Commerzbank, USD/CHF stabilised marginally above the 61.8% Fibonacci retracement at .9800/.9799.

Key Quotes

“Only failure at .9799 would push key support at .9716/.9695 to the fore. It is the location of the January, June, mid- and late August lows. Below it sit the .9659 August low and the September 2018 low at .9543.”

“Resistance above the recent lows at .9841/56 can be seen at the .9869 mid-November low and also in the .9900 region. Above it the December 6 high and the 55 day moving average can be spotted at .9919/22. While trading below the .9919/22 resistance area, we consider the cross to be vulnerable. Key resistance remains to be seen at the 1.0014/28 mid-June and October as well as November peaks.”

“A rise above the 1.0028 level would target the November 2018 high at 1.0128 and the April peak at 1.0240.”