USD/CHF still scope for a test of 0.9770/72 – Commerzbank

Axel Rudolph, Senior Technical Analyst at Commerzbank, still sees the possibility of a visit to the 0.9770 region as long as 0.9583/53 underpins.

Key Quotes

“USD/CHF remains above the .9583/53 support zone, made up of the June and current August lows, and continues to oscillate around the 55 day moving average at .9649. As long as the .9583/53 area holds on a daily chart closing basis, the current August highs at .9770/72 could be revisited. Slightly higher up significant resistance can be seen between the March low and late May high at .9808/14”.

“Only currently unexpected failure at the .9553 June low would imply a return visit to the .9444/39 July low and May 2016 low”.

“In order to reignite medium term upside interest we suspect that the currency pair will need to close above the .9814 end of March low and overcome the 55 week ma at .9883”.