USD/CHF: Poised to challenge much tougher resistance at the 0.9274 July high – Commerzbank

USD/CHF has eroded the August high of 0.9142. Now, the pair is set to tackle the 0.9274 July high, Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, reports.

Negative bias below 0.9342, the 2019-2021 downtrend

“USD/CHF has rallied higher to test the 0.9142 August high. Above here lies the more important 0.9274 July high, and the market may hold this on the initial test. However, Elliott wave counts are positive and it is probable that it will re-try the topside. 

“Above 0.9274 lies the March 12 high at 0.9325 and the 2019-2020 downtrend at 0.9342, where we suspect that the market will fail.”