USD/CHF upside pressure alleviated below 0.9738 – Commerzbank

The pair’s upside pressure appears mitigated below 0.9738, suggested Karen Jones, Head of FICC Technical Analysis at Commerzbank.

Key Quotes

“USD/CHF is upside corrective near term. It has already reached its corrective zone at .9815/56 area, where we will look for signs of failure. A slide back below the 200 day ma at .9738 should be enough to alleviate immediate upside pressure”.

“Dips will find minor support at .9738, .9642 ahead of .9524. Below .9524 remain the February high at .9470 and the mid- and late March lows at .9434/25. Further down the 78.6% Fibonacci retracement can be spotted at .9376”.