USD/CHF: Break above 0.9214 opens up the 0.9264 mark – Credit Suisse
|USD/CHF broke out of a small intraday bullish “wedge” continuation pattern as the USD strengthened vs most pairs on Monday. This should trigger a break above the recent 0.9240 high and a move to next resistance at 0.9264 this week, the Credit Suisse analyst team reports.
Next key resistance seen at 0.9264, then 0.9356
“USD/CHF pushed higher yesterday and broke above first resistance at 0.9214, which should open up a move to 0.9264 next, which is the 61.8% retracement of the Q2 fall.”
“Bigger picture, we believe the recent break above the 200-day average turned the risks higher within the 2021 range over the next 1-2 months, reinforced by the cross into positive territory for daily MACD. With this in mind, the next resistance above 0.9264 is seen at 0.9300/05. Thereafter, a move to the medium term downtrend at 0.9428/41 seems very likely.”
“Near-term support stays at 0.9142/33, then 0.9101/00 and at most, the 0.9073 200-day average, which we look to hold to keep the 1-month risks higher (if reached). Below here would leave the market back in a choppy range bound phase.”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.