USD/CHF eyes further losses towards the2020-2021 uptrend at 0.9081 – Commerzbank

USD/CHF is weighing on the downside. Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, would allow for a slide back to the 2020- 2021 uptrend at 0.9081.

First resistance is seen at the 0.9216 55-DMA 

“USD/CHF is vulnerable near-term, it is under pressure and we would allow for further losses.”

“It is possible that this is only an abc correction but intraday Elliott wave counts remain negative and we suspect that the market will see a deeper sell-off to the 0.9142 200-day ma and potentially the 2020-2021 uptrend at 0.9081.” 

“Initial resistance is the 55-day ma at 0.9216. Rallies are expected to remain capped by the 0.9313 mid-October high. This guards 0.9357/69 (recent high).”