USD/CHF faces extra consolidation near term – Commerzbank

According to Senior FICC Technical Analyst Axel Rudolph at Commerzbank, USD/CHF could now move into a consolidative phase.

Key Quotes

“USD/CHF still has the 61.8% Fibonacci retracement at .9264 and the March 12 high at .9325 in its sights. Further up the early March high can be seen at .9375 and the April peak at .9472.”

“Potential slips below this week’s low at .9154 should find support between the 55- and 200-day moving averages at .9075/72 and at the .9054/46 late May and early June highs as well as the early February high.”