USD/CHF rallies face resistance at 0.9725/75 – Commerzbank

In view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, occasional bullish attempts in spot should meet a tough barrier around 0.9725/75.

Key Quotes

“USD/CHF’s recent low has not been confirmed by the daily RSI. The low of .9670 has not been confirmed by the daily RSI, which has diverged and we would allow for a minor rebound very near term. Beyond this the market is on track for .9550/44 (the 200 week ma and 2016 low). Near term rallies are likely to struggle .9725/75”.

“It is directly offered below the 200 day ma at .9970, which protects the key resistance is now the 1.0108 April high”.