USD/CHF to gun towards the recent high at 0.9296 – Commerzbank

USD/CHF has pared back gains from the 0.9196 daily high, however, Commerzbank’s Karen Jones maintains an upside bias while the pair trades above 0.9085.

Key quotes

“USD/CHF has backed away from resistance at 0.9200 but so far dips lower should remain well supported at 0.9085. While above here an upside bias will remain for gains to key resistance, which is regarded as the recent high at 0.9296. This guards the sevenmonth downtrend at 0.9351. Currently intraday Elliott wave counts have neutralised and we have no strong bias.” 

“A close back below 0.9085 will neutralise the outlook and leave the 0.9031 low from last week and the 0.8998 September low back under the spotlight.”