USD/CHF: uncertain below 0.9750
USD/CHF is trading in the positive territory around 0.9660. Dollar managed to rebound from the yesterday’s dip to 0.9570. Trade remains highly volatile, but for now the upside remains capped by the 0.9750 resistance (78.6% Fibo and the June 2012 high). Last week USD/CHF rose above the weekly Ichimoku and is now testing the 200-week SMA (0.9630) to the upside. A weekly close above this hurdle would be a positive sign. Also watch the 50-month SMA at 0.9690.
The overall picture remains positive for the greenback. According to Commerzbank, the 0.9760 resistance is the “last defense” for the 0.9950/1.0000 long-term resistance. Key support lies at 0.9630, 0.9600 and 0.9570.
Chart. Daily USD/CHF