CHF is seeing some weakness as the USD/CHF pair reverses ahead of the 55-day moving average at 0.9173. Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, expects USD/CHF to rebound towards the 0.9300 level.
USD/CHF to remain bid above the 0.9100 200-day ma and the 0.9035 uptrend
“USD/CHF’s slide lower appears to be reversing just ahead of the 55-day ma lies at 0.9173 and currently is looking for a rebound to the 0.9300 region.”
“Below 55-day ma lies the 200-day ma at 0.9100 just ahead of the uptrend at 0.9035. We would expect this to contain the move lower.”
“Initial resistance is the 0.9296 September 2020 high. Key nearby resistance lies at 0.9467/72 (highs from July).”