USD/CHF: Upside corrective near-term toward six-month downtrend at 0.9446 – Commerzbank

USD/CHF gained traction for the fifth consecutive session on Thursday and shot to fresh two-month tops around 0.9270. Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, sees the pair inching higher heading to the six-month downtrend at 0.9446.

Key quotes

“USD/CHF continues to work higher and remains on course for the 38.2% retracement of the move down from the March peak at 0.9342.”

“It should be noted that there is scope for a test of the six-month downtrend at 0.9446.”

“Dips should remain contained by 0.9094 the near term uptrend. Only a slide below 0.9048 (10th September low) will trigger a slide back to the 0.8998 recent low.”