USD/CHF: Break above 0.9054/69 to alleviate downside pressure – Credit Suisse

USD/CHF is recovering from the 0.8931/11 support zone. The pair is set to face initial resistance at 0.9030 ahead of the 0.9054/69 neighborhood, Axel Rudolph, Senior FICC Technical Analyst at Commerzbank, reports.

USD/CHF has come close to the downside target at 0.8911

“USD/CHF remains above support at 0.8931/11 which consists of the late December, mid-January, May and current June lows as well as the 78.6% Fibonacci retracement of the 2021 advance.”

“Initial resistance at the 0.9030 late May high is still in focus. While the next higher current June high and 200-day moving average at 0.9054/69 cap, downside pressure should retain the upper hand. Further up sits the May 12 high at 0.9094 and meanders the 55-day moving average at 0.9091.” 

“The 0.8911 level is regarded as the last defence for the 0.8872 mid-February low and the 0.8759 January low.”