Swiss Franc Weekly Overview - September 23 close

EURCHF

The Euro-Swiss Franc made a new high last week at 1.2340, reaching and breaking above our target at the weekly SMA34 level. We are still away from the descending trend line and price could be contained by the strong resistance area between 1.2350 and 1.2390, with also the daily SMA200 in the middle. If that level is broken, we might attempt the 138.2% extension on the weekly swing high to around 1.3200/50. However I would maintain my views for a correction to the previous August highs around 1.1970, then 1.1900/1.1850 and possibly further correction to 1.1700/1.1650 before resuming an upwards move.

GBPCHF

The Pound-Swiss Franc reached the weekly SMA34 and the daily SMA200, from where I would expect a correction to the 38.2% Fibonacci (around 1.3520/1.3500) or 1.3335 (50% of the previous daily swing high) where a confluence of SMA100 and SMA34 seems to be forming. There is some good support between 1.3700/1.3660 and lower between 1.3530/1.3430. Further upside would require a break of the daily SMA200 and we would be targeting 1.4730/50, around the 138.2% extension.

USDCHF

The Swissie continues on the rise as we expected and made a new high last week, although we are still below our previous targets. We are still targeting the extensions on the previous daily swing high, in the area between 0.9275 and 0.9380, and as a medium-term second step, the weekly SMA100 which is now near 0.9780. Daily charts are showing a rising wedge though, so we could expect some retracement to the support area between 0.8620 (38.2% Fibonacci correction) and 0.8550 (June highs).