USD/CHF expects further gains above the 0.9790 area – Commerzbank

Axel Rudolph, Senior Technical Analyst at Commerzbank, suggested that further upside is likely as long as 0.9792 underpins.

Key Quotes

“USD/CHF consolidates around the .9871 eight month resistance line above which the May and July highs can still be seen at .9952/56. These very much remain in focus. Still further up beckons parity. These levels will remain in focus while no daily chart close below the 200 day moving average at .9792 is seen”.

“Dips should hold between the .9843 August 9 high and the 200- and 55- day moving averages at .9792/44. 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”.