USD/CHF keeps the upside bias above 0.9868/58 – Commerzbank

In view of Axel Rudolph, Senior Analyst at Commerzbank, the pair’s constructive stance remains unchanged while supported by 0.9868/58 band.

Key Quotes

“Last week USD/CHF formed a minor top at .9985, just shy of the June highs at .9990/92, before slipping back towards the 55 day moving average at .9925. We will retain an upside bias while the July lows at .9868/58 underpin. In order for the currency pair to re-assert upside pressure it will have to overcome the June high at .9992 on a daily chart closing basis, however”.

“Only unexpected failure at .9958 would alleviate upside pressure and signal a slide towards the .9789/55 zone, made up of the June low and 200 day moving average where ideally we would see the cross stabilize”.