USD / CHF continues its climb towards the mid-July high of 0.9467 after nearly hitting the June 23 low of 0.9421, anticipates Axel Rudolph, senior technical analyst at Commerzbank.
Key statements:
“So far, USD / CHF has practically reached the June 23 low of 0.9421 above which the mid-July high of 0.9467 can be seen. Higher up is the 50% retracement of the 2019-2021 dip at 0.9499 “.
“Our medium-term bullish target is the 200-week moving average at 0.9663.”
“Setbacks should find support around the 38.2% Fib retracement at 0.9324 below which the September high at 0.9296 appears.”
“We will maintain our medium-term bullish forecast as long as the cross remains above the mid-March low of 0.9215.“.
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