FXStreet Karen Jones, head of FICC Technical analysis at Commerzbank, notes that the Pair is offered under 0,9970.
“The USD/CHF upward correction was only weak and the Pair is under downward pressure. It came to a closing price under 0,9720 (78,6% Retracement) and this suggests that the course is on the way to the 0,9550/44 (200-week MA and the 2016 Tief). It is interesting to note that the daily RSI has not confirmed the new Low and we could see a small recovery, which is, however, likely to fail at the 0,9725/75.”
“Under the 200-day MA of 0,9970 the offers remain the same, while this is a level defended by the key resistance of 1,0108 (April High).”
** FXStreet News Editorial, FXStreet**