USD/CHF could slip back to 0.9743/24 – Commerzbank

In view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair risks a pullback to the 0.9743/24 band.

Key Quotes

“USD/CHF very near term has eroded the near term support line. This leaves it to start this week on the defensive and the near term risk is that the market will slide down for .9743/24 (38.2% retracement + 200 day ma) where ideally the market will stabilise. Failure at 9742/24 will target the .9535 10th April low and below here will trigger losses to .9425, the 14th March low”.

“Above 1.0000 targets 1.0057, the recent high. This guards the 1.0093/1.0108 (April 2017 high and 78.6% retracement) and then 1.0343, the 2016 high”.