USD/CHF offered below 0.9970 – Commerzbank

Karen Jones, Head of FICC Technical Analysis at Commerzbank, suggested the pair stays offered while below 0.9970.

Key Quotes

“USD/CHF remains on the defensive and focus remains on the .9850 April low, which was made close to the 61.8% Fibonacci retracement at .9853. The outside day to the downside leaves this exposed together with the March low at .9814. It is directly offered below minor resistance at .9970 and currently remains on the defensive. Below .9814 would target initially .9720, the 78.6% retracement”.

“Only above .9970 would alleviate immediate downside pressure and allow recovery to the 2017 resistance line at 1.0048”.