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USD/CHF nearly reached the 0.9376 June low yesterday before stabilising at 0.9384. Today, the pair is edging higher and trades near daily highs around 0.9450, up 0.30% on a day. Nonetheless, Axel Rudolph, Senior FICC Technical Analyst at Commerzbank, notes that USD/CHF will retain a bearish bias while below the 0.9491 mark.

Key quotes

“While capped by the two-month resistance line at 0.9491 a negative bias should persist, however, with our downside target remaining the 0.9376 June 11 low which is the last defence for 0.9184 the March low.” 

“Further resistance can be spotted at the 0.9532/53 mid- and late June highs. These would need to be overcome for current downside pressure to be alleviated and for a recovery to the five-month downtrend line at 0.9637 to become possible.”