Morgan Stanley: USD/CHF long
Morgan Stanley has entered USD/CHF long at 0.9680 with a stop at 0.9600 and target 0.9970.
The bank points out that USD/CHF has recovered after making low of 0.9648. Any break below 0.9648 will target 0.9600/0.9550 in short term.
The overall trend is bullish as long as support 0.9600 holds. The pair has formed temporary top around 0.97935 and any break of 0.97935 would extend gain to 0.9886 (161.8% retracement of 0.97935 and 0.96480) and 0.9970 (2012 top).