USD/CHF upside bias unchanged above 0.9868/58 – Commerzbank

In view of Axel Rudolph, Senior Analyst at Commerzbank, the pair’s upside stance should remain intact while above the 0.9868/58 band.

Key Quotes

“USD/CHF continues to oscillate around the 55 day moving average at .9931, having earlier been rejected by last week’s high at .9985. This in turn was made marginally below the June highs at .9990/92 which are still expected to be reached. We will retain an upside bias while the July lows at .9868/58 underpin. In order for the currency pair to re-assert more lasting upside pressure it will have to overcome the June high at .9992 on a daily chart closing basis”.

“Only unexpected failure at .9858 would alleviate upside pressure and signal a slide towards the .9789/54 zone, made up of the June low and 200 day moving average, where ideally we would see the cross stabilize”.