USD/CHF tough resistance expected at 0.9692/96 – Commerzbank

The pair’s upside is poised to face strong resistance in the 0.9692/96 band, suggested Axel Rudolph, Senior Technical Analyst at Commerzbank.

Key Quotes

“USD/CHF retests the 200 day ma at .9658. This resistance is reinforced by the .9692/96 55 and 200 week moving averages as well as the two month resistance line and we suspect this tough resistance will take several attempts to clear”.

“Below the April 10 low at .9535 will target the March 14 low at .9425”.

“Above .9696 targets the .9824/78.6% retracement. We are still of the opinion that the cross formed a bottom at .9188”.