USD/CHF holds off the mid-March low at 0.9215 to resume its advance – Commerzbank

The US dollar is attempting to reassert its up move as can be seen, for example, in the USD/CHF pair. Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, believes that the downfall is over.

Initial resistance is seen at the 0.9375 level

“USD/CHF has tested and is currently holding the mid-March low at 0.9215. The Elliott wave count on the daily chart is implying that this is the end of the slide lower and we have partially covered our short positions.” 

“Initial resistance is the 0.9375 9th March high. Key nearby resistance lies at 0.9467/72 (highs from July).” 

“Above 0.9472 lies the 50% retracement of the 2019-2021 decline at 0.9499.” 

“Above 0.9500 we are unable to rule out a move to the 200-week ma at 0.9658.”