FXStreet (Edinburgh) - Senior Technical Analyst at Commerzbank Axel Rudolph observed the pair would remain bid above the 0.9104 level.
“USD/CHF is still oscillating around the 200 week moving average at .9163 but should now correct lower towards the .9115 August 6 high”.
“While it remains above the August 22 low at .9104, upside momentum should be maintained with the .9200 region and eventually the 55 month moving average at .9351 being 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 .9025/.9013 to occur”.
“While this holds, the bull trend remains entrenched”.