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USD/CHF keeps the previous day’s recovery moves and targets the 0.9467 mid-July high, Axel Rudolph, Senior FICC Technical Analyst at Commerzbank, reports.

Key quotes

“USD/CHF has so far practically reached 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 0.9663.”  

“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.”