USD/CHF above 0.9700 (London) - USD/CHF has breached 0.9700 after suffering losses overnight from 0.9746 to 0.9673.

USD/CHF may breach 0.9795 to commence another bullish wave, and FOMC minutes and Fed’s Chairman’s speech tonight may be the catalyst if he can clarify that tapering will come sooner than later.

Karen Jones, Chief Analyst at Commerzbank said USD/CHF has maintained upside pressure and has eroded its next resistance at 0.9687/88 (78.6% retracement). This was considered the last defence for the 0.9840 high. The 55 month ma lies at 0.9786 and a resistance line at 0.9818. “There are likely to present additional resistance ahead of a move to the 0.9950/72 zone, which represents the 2012 high.” She said dips are expected to hold over accelerated uptrend at 0.9546 and while above here an immediate upside bias is maintained.