USD/CHF to see a correction lower towards the 0.9250 mark – Commerzbank

USD/CHF has probed the 0.9368 September high which capped. Axel Rudolph, Senior FICC Technical Analyst at Commerzbank, epxects the pair to correct lower towards the 0.9250 level initially.

Above 0.9373/75 will target the 0.9472 April high

“USD/CHF has reached 0.9368, the September high, and made its current November high at 0.9373 before coming off again. We would allow for further profit-taking in this vicinity.”

“Initial support is the 19th November low at 0.9250, but the downside should be contained by the 2020-2021 uptrend at 0.9112. We also have 0.9227, the 26th October high and 0.9150, 25th October low ahead of the 0.9112 uptrend.” 

“If 0.9373 and the next higher early March high at 0.9375 were to be overcome, the April peak at 0.9472 would be next in line.”