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USD/CHF appears neutral/negative for the time being – Commerzbank

According to Karen Jones, Team Head FICC Technical Analysis at Commerzbank, USD/CHF could have topped in the 0.9967/81 band.

Key Quotes

USD/CHF our view remains neutral to negative as the market remains dominated by the 2 month downtrend at .9893 today. The market recently failed at its 50% retracement at .9967 and the 200 day ma at .9981. This is tough resistance and we suspect that the market has topped here. We look for further losses to .9695, the 25th June low”.

“Above the 200 moving average lies the mid-June high at 1.0014. Longer term we target .9211/.9188, the 2018 low”.

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