The USD/CHF pair is eroding the 0.9082 trendline but Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, remarks that the cross needs to surpass the 0.9136 level to increase the upside potential.
Key quotes
“USD/CHF has tested and has now started to erode the 0.9082 downtrend. This suggests further upside scope to the 200-day ma at 0.9136. This guards the September high at 0.9296.”
“It has not been the most dynamic break and we suspect that it will need to overcome the 200-day ma to generate upside interest.”
“Dips will find initial support at 0.9000 ahead of the 0.8907 support line.”
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