USD/CHF: Under pressure while below 0.9532 – Commerzbank

USD/CHF is trading at 0.9415, 0.34% lower on a day, as the pair is set to remain under pressure while below 0.9532/53. Axel Rudolph, Senior FICC Technical Analyst at Commerzbank, targets the June 11 low at 0.9376.

Key quotes

“USD/CHF continues to weigh on the downside. While capped by the two-month resistance line at 0.9499 a negative bias will persist with our downside target remaining the 0.9376 June 11 low which is the last defence for 0.9184 the March low.”

“Further resistance can be spotted at the 0.9532/53 mid- and late June highs. These would need to be overcome for current downside pressure to be alleviated and for a recovery to the five-month downtrend line at 0.9637 to become possible.”