USD/CHF room for a test of 0.9770/72 – Commerzbank

In view of Senior Technical Analyst at Danske Bank Axel Rudolph, the pair could test the 0.9770 region while above 0.9583/53.

Key Quotes

“USD/CHF is once again bouncing off the .9583/53 support zone, made up of the June and current August lows. As long as this area holds on a daily chart closing basis, the current August highs at .9770/72 could be revisited. Slightly higher up significant resistance can be seen between the March low and late May high at .9808/14”.

“Only currently unexpected failure at the .9553 June low would imply a return visit to the .9444/39 July low and May 2016 low”.

“In order to reignite medium term upside interest we suspect that the currency pair will need to close above the .9814 end of March low and overcome the 55 week ma at .9884”.