FXStreet (Edinburgh) - The pair continues its rally and it could advance to 0.9115 ahead of the 200-w MA at 0.9157, according to Axel Rudolph, Senior Technical Analyst at Commerzbank.
“USD/CHF nears the current August high at .9115, a rise above which will have the 200 week moving average at .9157 and then the 55 month moving average at .9349 in its sights”.
“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 .9000/.8993 to occur”.
“While this holds the bull trend remains entrenched”.