Senior Analyst at Commerzbank Axel Rudolph noted the upside bias around the pair should remain intact as long as it trades above the 0.9868/58 band.
Key Quotes
“Yesterday USD/CHF formed a minor interim top at .9985 but nonetheless continues to have the June highs at .9990/92 in its sights. We will continue to have an upside bias in place 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 on a daily chart closing basis, however”.
“Only unexpected 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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