USD/CHF further gains expected while above 0.9793 – Commerzbank

In view of Axel Rudolph, Senior Technical Analyst at Commerzbank, the pair remains poised for a test of the 0.9952/56 band while trades above 0.9793.

Key Quotes

“USD/CHF has risen above the .9874 eight month resistance line above which the May and July highs can be seen at .9952/56. Still further up beckons parity. These levels will remain in focus while no daily chart close below the 200 day moving average at .9793 is seen”.

“Dips should hold between the 200- and 55-day moving averages at .9793/39. Only unexpected failure at the latter level would leave the currency pair side-lined and allow for the early August and September low at .9650/34 to be reached. This is not expected to happen”.