In opinion of Axel Rudolph, Senior Analyst at Commerzbank, the pair’s bid tone remains intact as long as 0.9868/58 holds.
Key Quotes
“USD/CHF remains side-lined around the 55 day moving average at .9923. We still have a slight upside bias while the July lows at .9868/58 underpin. In order for the currency pair to re-assert upside pressure it will have to overcome the June high at .9992, however”.
“Failure at .9958 would alleviate upside pressure and signal a slide towards the .9789/56 zone, made up of the June low and 200 day moving average where ideally we would see the cross stabilise”.
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