USD/CHF heads toward the 0.9532/53 mid and late June highs – Commerzbank
|USD/CHF has bounced off the June and current July lows at 0.9376/63 as currently trades at 0.9458, up 0.15% on a day. Axel Rudolph, Senior FICC Technical Analyst at Commerzbank, notes the pair heads towards mid-0.95s and would alleviate downside pressure above this level.
Key quotes
“USD/CHF is seen bouncing off the 0.9376 June and 0.9363 current July lows towards the 0.9532/53 mid and late June highs. These would need to be overcome for recent downside pressure to be alleviated and for a recovery to the five-month downtrend line at 0.9609 to become possible.”
“Below the 0.9376/63 support area sits the June 11 low at 0.9324 and much further down the 0.9184 March low.”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.