FXStreet (Edinburgh) - Axel Rudolph, Senior Technical Analyst at Commerzbank, suggests the pair could climb to the 55-month MA round 0.9360.
“USD/CHF is trading at levels last seen in November 2013 and now probes the 200 week moving average at .9157 and has the 55 month moving average at .9351 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 .9013/.9004 to occur”.
“While this holds the bull trend remains entrenched”.