USD/CHF heads toward the 0.9532/53 mid and late June highs – Commerzbank

USD/CHF has bounced off the June and current July lows at 0.9376/63 as currently trades at 0.9458, up 0.15% on a day. Axel Rudolph, Senior FICC Technical Analyst at Commerzbank, notes the pair heads towards mid-0.95s and would alleviate downside pressure above this level. 

Key quotes

“USD/CHF is seen bouncing off the 0.9376 June and 0.9363 current July lows towards the 0.9532/53 mid and late June highs. These would need to be overcome for recent downside pressure to be alleviated and for a recovery to the five-month downtrend line at 0.9609 to become possible.” 

“Below the 0.9376/63 support area sits the June 11 low at 0.9324 and much further down the 0.9184 March low.”