FXStreet (Edinburgh) - Axel Rudolph, Senor Technical Analyst at Commerzbank, suggested the pair would remain bid above the 0.9020 level.
“USD/CHF made an eight month high at .9145 before sliding back down towards the previous August high at .9115”.
“Once a rise above .9145 has been made, the 200 week moving average at .9157 and then the 55 month moving average at .9349 will be targeted”.
“This held the topside in 2012 and 2013 and is expected to do so again, at least for several days. Above here, at .9392, lies the 29 year downtrend”.
Only unexpected failure at the current August low at .9020 would allow for losses back to the three month uptrend line and the 55 day moving average at .9009/.9000 to occur. While this holds the bull trend remains entrenched”.