Karen Jones, Team Head FICC Technical Analysis at Commerzbank, noted that bullish attempt in the pair should meet interim resistance in the 0.9800 neighbourhood.

“USD/CHF saw a key day reversal on Tuesday from .9659 and we have temporarily exited our short positions as we perceive a lack of interest in sustaining a break below the .9716/.9692 key support presently. This is the location of the 25th June low, the January low and Fibo support and below .9659 targets the .9543 September 2018 low”.

“Interim resistance is the .9805 22nd July low. Key resistance remains the 200 day ma at .9964, our bearish bias is entrenched below here. Longer term we target .9211/.9188, the 2018 low”.