USD/CHF correction lower finished near 0.9850? – Commerzbank

Axel Rudolph, Senior Technical Analyst at Commerzbank, suggested the pair’s correction lower probably finished in the mid-0.9800s.

Key Quotes

“USD/CHF’s correction lower probably ended at the .9850 April low, made close to the 61.8% Fibonacci retracement at .9853, before it rose back to around the 200 day ma at .9954. Further range trading around it may be seen this week”.

“Provided the .9850 level holds on a daily chart closing basis, the 2017 resistance line at 1.0055 will remain in focus, then the April peak at 1.0108. Medium term we still target in the 1.0248 11th January high and the 1.0328 2015 and 1.0344 December 2016 highs”.

“An unexpected drop below the recent lows at .9850/14 would change our forecast”.