USD/CHF supported around 0.9800 – Commerzbank

In opinion of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair could find some support in the 0.9800 neighbourhood.

Key Quotes

“USD/CHF’s recent high at .9956 was accompanied by a divergence of the daily RSI and the slow stochastics indicator and has started to correct lower”.

“Dips lower will find some support circa .9797 (22nd April high) ahead of the 12th May low at .9663. Key support is the .9444 recent spike low”.

“We suspect that the market will struggle to overcome its initial resistance at .9990/1.00.This is the 61.8% retracement of the move down from November 2015”.