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2 Nov 2021
USD/CHF to plunge towards June low at 0.8926 on a close below 0.9092 – Commerzbank
USD/CHF eroding the 2020-2021 uptrend at 0.9092. A close below here would open up the August and June lows at 0.9018 and 0.8926, respectively, Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, reports.
Focus is on the 2020-2021 uptrend
“USD/CHF has again sold off towards the 2020-2021 uptrend at 0.9092 and is weighing on this support.”
“Rallies are expected to find initial resistance at the 0.9211 downtrend ahead of the 0.9313 mid-October high. This guards 0.9357/69 (recent high).”
“The market will need to close below 0.9092 to confirm the end of the bull trend that we have seen throughout 2021 so far. A close below here will target the 0.9018 August low and the 0.8926 June low.”