USD/CHF: 0.9613 formidable resistance – Commerzbank

USD/CHF spent last week bouncing from the 0.9188 2018 low. Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, reviews the technical outlook for the pair.

Key quotes

"We are unable to rule out a deeper 0.9600/0.9703 corrective rebound prior to another leg lower." 

“The previous January low of 0.9613 should now act as a formidable resistance and we ideally look for the market to fail here.” 

“Below 0.9188 on a closing basis will target the 0.9072 May 2015 low and the 0.8838 the 38.2% retracement of the move from 2015.”