USD/CHF expected to hold around 0.9583/53 – Commerzbank

In view of Axel Rudolph, Senior Technical Analyst at Commerzbank, occasional pullbacks in the pair are seen finding contention in the 0.9583/53 band.

Key Quotes

“USD/CHF’s rejection by the mid-June and current August highs at .9770/72 has practically taken it back towards its current August low at .9583 before recovering from this area once more. Together with the current August low at .9583 and the June trough at .9553 we expect this area to hold. As long as this is the case on a daily chart closing basis, the .9770/72 zone 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”.