USD/CHF room for a test of 0.9808/14 – Commerzbank

The pair’s upside momentum should find strong resistance above the 0.9800 handle, suggested Axel Rudolph, Senior Technical Analyst at Commerzbank.

Key Quotes

“USD/CHF nears the mid-June and current August highs at .9770/72. Slightly higher up significant resistance can be seen between the March low and late May high at .9808/14. This we expect to soon be tested but to cap once more”.

“Only currently unexpected failure at the .9583 recent 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 .9887”.