USD/CHF holds its 11-month downtrend at 0.9089 – Commerzbank
|USD/CHF has so far failed at the 0.9089 downtrend but the pair is set to maintain upside potential while trading above the 0.9000 level, Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, reports.
Key quotes
“USD/CHF has rallied to and so far failed at the 0.9089 downtrend, this should hold the initial test, but it should be noted that upside risks are growing (we note the strong buy signal on the DMI).”
“The market will need to slide back below 0.9000 minimum to alleviate immediate upside pressure and cast attention back towards 0.8903 the 55-day ma and 0.8868/72 which guards 0.8839/23, the 22nd January low and the 18th December low.”
“Only failure at 0.8823 will trigger a retest of the 0.8758 recent low. Below 0.8758 would target 0.8703/0.8698, the 2014 lows.”
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