USD/CHF: Race higher to run out of steam at the 0.9330 downtrend – Commerzbank

USD/CHF trades higher on Tuesday. Nonetheless, the pair is set to remain capped by its downtrend at 0.9330, Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, reports.

Negative bias below 0.9330, the 2019-2021 downtrend

“USD/CHF remains bid near term but will shortly encounter the 2019-2020 downtrend at 0.9330 and recent high at 0.9333, where ideally it will again fail.”

“The market will have to head below the 55-day ma at 0.9174 to alleviate immediate upside pressure.” 

“Good support remains at the 0.9100 mid-August low and the 200-day ma at 0.9104 and this guards the 2021 uptrend at 0.9053.”