USD/CHF turns bullish, eyeing the 0.9199/0.9214 zone – Commerzbank

The US dollar continues to surge higher across the board. The USD/CHF pair has rallied to the 0.9181 late April high above which is the 0.9199/0.9214 region, Axel Rudolph, Senior FICC Technical Analyst at Commerzbank, reports.

USD/CHF targets the 0.9300 region

“USD/CHF so far rapidly shot all the way up to the 0.9181 late April high around which it pauses. If yesterday’s high at 0.9188 were to be exceeded, the 50% retracement of the recent decline and mid-March low at 0.9199/0.9214 would be eyed next. Further up the 61.8% Fibonacci retracement can be found at 0.9264 and the March 12 high at 0.9325.” 

“Slips should find support between the 55 and 200-day moving averages at 0.9085/70 and at the 0.9054/46 late May and early June highs as well as the early February high.” 

“In view of the last couple of days’ strong ascent, we switched our forecast to a bullish one.”