USD/CHF: Westpac is convinced that pair will continue to rise

Westpac has reiterated its strong conviction regarding the USD/CHF and recommends traders buy the cross.

The bank bought the pair at 0.97 with a stop loss at 0.96 without giving an upwards objective. Westpac had previously recommended targeting 1.35 on the USD/CAD but had to take profit at 1.2983 (trailing stop) with a profit of 6%.

The bank notes that the EUR/CHF has slowed down with the approach of 1.10 but that the pair should continue to rise as the SNB is still trying to bring down the CHF as the Greek risk has decreased and the CHF is in less demand (as a safe haven).