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USD/CHF is holding over the 55-day ma at 0.9147 and was last seen trading at 0.9187 after rising above 0.92 early on Friday. Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, maintains an upside bias and expects the pair to reach the seven-month downtrend at 0.9429. 

Key quotes

“USD/CHF has sold off to the 55-day ma at 0.9147. Directly below here lies the short-term uptrend at 0.9120 and while above here we will maintain an upside bias. 

“We are allowing for a rally to the 38.2% retracement of the move down from the March peak at 0.9342 and possibly the seven-month downtrend at 0.9429, but we would expect the market to fail here.” 

“Only a slide below 0.9048 (10th September low) will trigger a slide back to the 0.8998 recent low.”