FXStreet Karen Jones, head of FICC Technical analysis at Commerzbank, notes that the Pair is offered under 0,9970.
“The USD/CHF remains on the Defensive, and the focus on the April Low of targets 0.9850, in the vicinity of the 61.8% Fibo Retracement of 0,9853. Under the resistance of 0,9970 the market remains directly offered. Under 0,9814 the 78,6% Retracement of 0,9720 is the next target.”
“Only about 0,9970 will subside immediately downward pressure and then a recovery to 2017 resistance line of 1,0048 is possible.”
** FXStreet News Editorial, FXStreet**