USD/CHF rebound expected to struggle around 0.9658 – Commerzbank

In light of the ongoing rebound, Karen Jones, Head of FICC Technical Analysis at Commerzbank, believes the pair should meet strong hurdle around 0.9658.

Key Quotes

“USD/CHF 200 day ma at .9658 is seeing a bounce from the 20 day ma at .9545 and the uptrend at .9545. We suspect that the bounce will remain curtailed by the 200 day ma at .9658 for now. This resistance is reinforced by the .9691/98 55 and 200 week moving averages and we suspect this tough resistance will take several attempts to clear”.

“Below .9545 will target the 14th March low at .9425”.

“Above the 55 week ma targets the .9824/78.6% retracement. We are still of the opinion that the cross formed a bottom at .9188”.