FXStreet reports that Axel Rudolph, Senior FICC Technical Analyst at Commerzbank, suggests that USD/CHF is set to move higher and has the March 12 high at 0.9325 in its crosshairs.

“USD/CHF still has the 61.8% Fibonacci retracement at 0.9264 and the March 12 high at 0.9325 in its sights. Further up the early March high can be seen at 0.9375 and the April peak at 0.9472.”

“Only a today unexpected slip below last week’s low at 0.9143 would push the 55 and 200-day moving averages at 0.9075/73 and also the 0.9054/46 late May and early June highs.”