In view of Axel Rudolph, Senior Technical Analysis at Commerzbank, the pair could reach the 0.9800 area in the shorter run.
Key Quotes
“USD/CHF has sold off to and continues to rebound from the 2015-2016 uptrend at .9643”.
“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 approximately the 200 day ma at .9806”.
“In order to reverse the recent damaging sell off the market will have to regain this moving average on a closing basis. A weekly close below .9630/00 would be regarded as negative and introduce scope for losses to the .9403 200 week ma”.
(Market News Provided by FXstreet)