USD/CHF faces resistance at 0.9421/39 – Commerzbank

The pair’s upside should meet resistance in the 0.9421/39 band, according to Karen Jones, Head of FICC Technical Analysis at Commerzbank.

Key Quotes

“USD/CHF fell below the .9421 2017 low to its current January low at .9290. This was made close to the August 2015 low at .9260 and the base of a one year down channel at .9252, which may still be reached on a slip through the .9290 level”.

“Were a rise above Friday’s inside day at .9430 to be seen, a bottom may well have been formed at the .9290 level. Given the number of 13 counts on the intraday charts this is considered to be a strong possibility”.

“Resistance now comes in at .9421/39, between the July, August and September 2017 lows. The cross will be directly offered below the .9539 accelerated downtrend line”.