USD/CHF to climb towards the 0.9664 mark in the medium-term – Commerzbank

USD/CHF sits near multi-month tops, around 0.9400 mark as the pair continues its ascent towards the 0.9467 mid-July high. Axel Rudolph, Senior FICC Technical Analyst at Commerzbank, targets the 200-week moving average at 0.9664 in the medium-term.

Key quotes 

“USD/CHF is fast approaching the 0.9421 June 23 low above which the mid-July high can be spotted at 0.9467. Further up sits the 50% retracement of the 2019-2021 decline at 0.9499.”

“Our medium-term upside target is the 200-week ma at 0.9664.” 

“Slips should find support around the 38.2% Fibonacci retracement at 0.9324 below which the September high can be spotted at 0.9296.” 

“We will retain our medium-term bullish forecast while the cross stays above the 0.9215 mid-March low.”