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USD/CHF: rallies face resistance at 0.9646 – Commerzbank

FXStreet (Edinburgh) - According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, bullish attempts in the pair could struggle around the 0.9646 level.

Key Quotes

USD/CHF the market has recovered enough to stop out our short positions but not done enough to restore upside pressure so the chart pattern is in limbo”.

“The market still oscillates around the 200 day ma at .9515 and rallies will find initial resistance at .9646, the 13 October high”.

“Key resistance is the 2001-2015 downtrend lies at .9855 – we look for this to eventually to be eroded but not yet”.

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