USD/CHF: bullish view

On Tuesday USD/CHF formed a strong bullish engulfing candle, peaking at 0.9750 and closing the day at 0.9720. The pair tested the levels above the June – July 2013 trend line, supported by expectations of QE3 tapering in autumn. On Wednesday the pair is trading lower, testing the levels below 0.9700 (78.6% Fibo from the recent decline).

According to Commerzbank strategists, the upside pressure will persist as long as the 0.9550 support holds. Yesterday’s break above 0.9680/9700 opens the way to 0.9840 (50-months MA) and to 0.9950/70 (2012 high). Additional resistance is seen at 0.9720, 0.9800 and 0.9820. 

Chart. Daily USD/CHF

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