USD/CHF targets higher levels while above 0.9584 – Commerzbank

In view of Axel Rudolph, Senior Technical Analysis at Commerzbank, spot remains on track to test the 0.9787/0.9832 band while supported by 0.8584.

Key Quotes

“USD/CHF has risen above its previous April high at .9688 and now targets the 55 day moving average at .9774”.

“The next higher .9787/.9832 area is also in focus. It is made up of the December low, late March high and the 200 day moving average”.

“We will keep our immediately short term bullish forecast while the .9584 April 19 low underpins”.

“Above it support can be seen at .9688/60, where the mid-April high and February low were made and also along the one month support line at .9635”.