USD/CHF: Downside opening up towards the 0.9553 June 30 low - Commerzbank

In the view of Karen Jones, Analyst at Commerzbank, the USD/CHF pair sold-off the 200-WMA at 0.9658 and now looks to test the 0.9553 June 30 low.  

Key Quotes:

“USD/CHF last week’s bounce higher failed at .9845 and the market has eroded an uptrend from 2016 and sold off to the 200-week ma at .9658. This is also a Fibonacci retracement and it is possible that it will hold the initial test. Intraday rallies are indicated to fail circa .9700/25.”

“Only below here would introduce potential for .9553 June 30 low and the .9421 September low. The market is on the defensive near term.”

“Very near term above .9845 will retarget the top of the channel at .9924.“