USD/CHF: Struggling to overcome any resistance of note – Commerzbank

USD/CHF consolidated sideways yesterday but did not overcome any resistance of note and therefore remains vulnerable, according to Karen Jones from Commerzbank.

Key quotes

“Last week the market eroded the 0.9613 January support and in doing so has left it on the defensive. Attention is on 0.9457, 61.8% retracement which guards the 0.9336 78.6% retracement and the current March low at 0.9184.” 

“Nearby rallies are likely to find initial resistance at 0.9673 (55 day ma) and the 200 day ma at 0.9812.”