USD/CHF could test 0.9799 – Commerzbank

In view of Karen Jones, Head of FICC Technical Analysis Research at Commerzbank, there is the chance for the pair to re-test the 0.9800 area.

Key Quotes

“USD/CHF saw a minor erosion of the .9660/50 September low last week, which held on a closing basis and the market quickly reversed on Friday higher. The market is pushing hard into initial resistance offered by the 55 day ma at .9746, we would allow for a retest of the 200 day ma at .9799. The market is back in the middle of the large range .9444 to .9956, which has dominated the market for months now”.

“While no slip and daily chart close below the early August and current September low at .9650/34 is seen, the May and July highs at .9952/56 will remain in focus, together with parity”.