USD/CHF is in five-month highs, 0.9337 next target on the upside – Commerzbank

USD/CHF is approaching the 2019-2020 downtrend at 0.9337. Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, expects the pair to run out of steam at this mark.

Break below 0.9168 to alleviate immediate upside pressure

“USD/CHF has rallied into 5-month highs following the break above the 0.9274 July high. Directly above here lies the 2019-2020 downtrend at 0.9337, where we suspect that the market will struggle. This guards the 0.9472 March peak.”

“The pair will have to slide back below the 55-day ma at 0.9168 to alleviate immediate upside pressure.”