USD/CHF resistance aligns at 0.9310 – Commerzbank

The pair appears to have lost downside momentum for the time being, suggested Karen Jones, Head of FICC Technical Analysis at Commerzbank.

Key Quotes

“USD/CHF last week eroded the base of its 2017-2018 down channel at .9231 and a long term Fibonacci retracement at .9200 HOWEVER it did not CLOSE below here. Last weeks low of .9188 was accompanied by a divergence of the daily RSI and this reflects a severe loss of downside momentum”.

“Below .9188 would introduce scope to .9072 the May 2015 low”.

“Nearby resistance is offered by the downtrend at .9310 and the 20 day ma at .9353. It will need to clear this level and preferably the .9470 8th April high to restore upside pressure”.