USD/CHF could challenge 0.9710 – Commerzbank

In opinion of Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, the pair could attempt a move to the 0.9710 region.

Key Quotes

“USD/CHF is seeing a short-term bounce off its current January low at .9613 with positive divergence being seen on the daily RSI. This reflects a loss of downside momentum. It looks capable of challenging the two

month downtrend line at .9710. A break above here will target the .9762 10^th January peak.”

“Were the .9613 recent low to be slipped through in the days ahead, however, the September 2018 low at .9543 would be in focus. Slightly longer term we look for a fall back to the 2018 low at .9188, this is also the 38.2% retracement of the same move from 2015.”