USD/CHF has the 0.9663 mark at cross hairs in the medium-term – Commerzbank

USD/CHF is still heading towards the 0.9467 mid-July high as the pair prints four-day winning streak, Axel Rudolph, Senior FICC Technical Analyst at Commerzbank, reports.

USD/CHF bid above the 0.9214 mid-March low

“USD/CHF has overcome the 0.9421 June 23 low above which still beckons the mid-July high at 0.9467. Further up sits the 50% retracement of the 2019-2021 decline at 0.9499.” 

“Our medium-term upside target is the 200-week ma at 0.9663.” 

“Slips should find support around the 0.9375 March 9 high and also around the 38.2% Fibonacci retracement at 0.9324 below which the September high can be spotted at 0.9296.” 

“We will retain our medium-term bullish forecast while the cross stays above the 0.9215 mid-March low.”