Forex Flash: USD/CHF tests 200-day MA but is bullish - Commerzbank

FXstreet.com (Barcelona) - At the end of last week, the USDCHF failed to conquer the 38.2% Fibonacci retracement of the last few months' decline at 0.9505 and the current November high at 0.9513, and now it has slipped back to the 200-day moving average at 0.9409. "Nonetheless we will retain our bullish outlook while the currency pair stays above the two month support line at 0.9373 and, more importantly, the 55 day moving average at 0.9370", wrote analyst Axel Rudolph, targeting 0.9620, with 0.9594 (50% retracement of the move down from July) in the middle.