USD/CHF faces minor contention around 0.9660 – Commerzbank

Following the recent price action, occasional dips in the pair are likely to meet minor support in the 0.9660 area, suggested Karen Jones, Team Head FICC Technical Analysis at Commerzbank.

Key Quotes

“USD/CHF has rallied to and seen emphatic failure at the 38.2% retracement at .9770. This coupled with a TD perfected set up implies the end of the corrective move and we will exit longs as a precaution. Directly overhead lies the 55 day ma at .9799. Dips will find minor support at .9660. Key resistance remains .9841/44, the September and October lows and while capped here we will maintain an overall negative bias.”