USD/CHF to see a correction lower towards the 0.9103 mark – Commerzbank

USD/CHF is hovering around 0.9270. Attention is on the 2021 downtrend at 0.9340 as Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, expects the pair to correct lower from here.

USD/CHF stays bid above the 2020-2021 uptrend at 0.9103

“USD/CHF is approaching 0.9340, the 2021 downtrend and 0.9357/69 (the recent high). We would allow for some profit-taking in this vicinity and a slide lower.”

“Initial support is the 0.9227, the 26th October high and 0.9150, 25th October low ahead of the 0.9103 uptrend.”

“The downside should be contained by the 2020-2021 uptrend at 0.9103.”