Commerzbank: bullish on USD/CHF
USD/CHF breached last week the resistance line connecting July and September highs and retraced 38.2% of the decline since summer. So far US dollar has been limited on the upside by the 100-day MA around 0.9240 and slid to 0.9170. Support lies at 0.9130, 0.9100 and 0.9050. Resistance is at 0.9210, 0.9250 and 0.9300.
There’s little on the economic agenda for today, so traders will be bracing themselves for Janet Yellen’s testimony at her confirmation hearings Thursday.
Commerzbank remains bullish on the pair targeting 0.9320/22 (200-day MA and 50% Fibo retracement of the move down from July) and then to 0.9455 (September peak) and eventually to the 0.9610 (55-month MA).
Chart. Daily USD/CHF