Karen Jones, analyst at Commerzbank, suggests that USD/CHF is showing signs of failure at the .9976 6 month downtrend and while capped here a negative bias is entrenched and attention reverts back to the .9844/41 September and October lows.

“Failure at the next lower .9799 September low would push key support at .9716/.9659 to the fore. It is the location of the January, June, midand late August lows. Below here sits the .9659 August low and the September 2018 low at .9543. The market is negative. Above the mid-June high at 1.0014/28 on a closing basis targets the 1.0128 mid November 2018 high and the 1.0240 April high.”