USD/CHF: holding above trendlines but unable to sustain a move higher - Commerzbank

According to Karen Jones, Analyst at Commerzbank, the USD/CHF pair is likely to remain on the defensive and could be headed back to the 55 week ma support near the 0.9655 region. 

Key quotes:

“USD/CHF’s recent bounce off its current January low at .9700 has eroded the December 20 low at .9830, but not sustained the move higher and already appears to have lost upside steam. The near term risk is for a slide back to the 2015-2018 support line at .9690 and the .9655 55 week ma, these may well hold the initial test. Only below here would introduce potential for .9553 June 30 low and the .9421 September low.”