Karen Jones, Head of FICC Technical Analysis at Commerzbank, sees the possibility that the pair could re-test the vicinity of 0.9800.
Key Quotes
“USD/CHF has sold off further, extending losses towards the 2015-2016 uptrend at .9630”.
“We look for this to hold the initial test, the .9661 February low is found here and the 78.6% retracement and we would allow for a near term rebound back towards the 200 day ma at .9796”.
“In order to reverse the damaging sell off the market will have to regain this on a closing basis”.
(Market News Provided by FXstreet)