USD/CHF: Correction lower to find support at 0.9133 ahead of another leg higer – Commerzbank

USD/CHF is struggling near term to maintain gains and challenge the .9274 June high. In the view of Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, the dip lower should be supported by the 55-day moving average at 0.9133.

Initial resistance at 0.9274

“The dip lower is so far viewed as corrective and is indicated to hold around 0.9150 ahead of another leg higher.”

“Above 0.9274 lies the March 12 high at 0.9325, the early March high can be seen at 0.9375 and the 2019-2020 downtrend at 0.9373.”

“Dips should find interim support at the 55-day ma at 0.9133 and the 200-day ma at 0.9077. This guards the 4-month uptrend at 0.9005.”