USD/CHF eyes further gains towards the mid-October high at 0.9313 – Commerzbank

USD/CHF has executed a 50% retracement as the pair has reached the 0.9229 mark. Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, expects USD/CHF to continue its advance towards the mid-October high at 0.9313.

Bid above the uptrend at 0.9097

“USD/CHF has reached the 50% retracement at 0.9229, there is scope for 0.9300/13 (the 78.6% retracement and the mid-October high), where we suspect the move will struggle.”

“The pair stays bid while above the 2020-2021 uptrend at 0.9097.”

“Above the 0.9313 mid-October high lies 0.9357/69 (the recent high).” 

“Initial support is the 0.9150, 25th October low ahead of the 0.9097 uptrend.”