The positive bias in USD/CHF is expected to stay unchanged while above the 0.9855 level, suggested Axel Rudolph, Senior FICC Technical Analyst at Commerzbank.
Key Quotes
“USD/CHF has reached the August peak at .9975 and made its current September high at .9984 before coming off again. Above these levels sits the mid-June high at 1.0014″.
“Immediate upside pressure will be maintained while the cross remains above the .9855 September 13 low”.
“Below it sit the .9659 August low and the September 2018 low at .9543. Only failure at the next lower .9799 current September low would push key support at .9716/.9659 to the fore. It is the location of the January, June, mid- and late August lows”.
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