USD/CHF to face stubborn resistance at the 0.9274 July high – Commerzbank

USD/CHF has pierced its six-month downtrend. Now, the pair is set to struggle to surpass the stiff resistance seen at the 0.9274 July high, Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, reports.

Elliott wave counts are positive

“USD/CHF has eroded its six-month downtrend. We have solid resistance until the 0.9274 July high, and the market is likely to struggle to make much headway. However, Elliott wave counts are positive and it is likely to try the topside.” 

“Above 0.9274 lies the March 12 high at 0.9325, the early March high can be seen at 0.9375 and the 2019-2020 downtrend at 0.9372.”