USD/CHF still under pressure, 0.9444 expected to hold – Commerzbank

In view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, USD/CHF remains under downside pressure and could slip back to the 0.9070 area if 0.9444 is cleared.

Key Quotes

“USD/CHF has reached the .9444 2016 low. It is possible that this may hold the initial test for a small rebound. However the market remains under downside pressure following the dismissal of the 200 week ma at .9560 last week. Below .9444 targets the .9072 May 2015 low”.

“In order to negate downside pressure and restore the up move the market will need to close above the .9814 end of March low. Initial resistance lies at .9700. Initial resistance is .9560”.