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- USD/CHF: Scope for a correction higher with resistance seen at 0.9325/26 - Credit Suisse
USD/CHF: Scope for a correction higher with resistance seen at 0.9325/26 - Credit Suisse
FXStreet reports that Credit Suisse notes that USD/CHF maintains base above 0.9200/9212 to suggest further corrective upside with next key resistance at 0.9344.
“The corrective upswing in USD/CHF is still hovering around the 61.8% retracement of the July/September fall at 0.9289 for a short term pause to unwind its near-term overbought condition. With a small base in place and with daily MACD moving higher as well as outright positive, we remain of the view that further corrective upside is likely.”
“We see resistance initially at 0.9296, then 0.9302/09, ahead of a move to the back of the broken trend support at 0.9325/26, then 0.9344 – the 38.2% retracement of the entire March/August fall. Whilst we ideally look for this area to cap for the medium-term downtrend to then reassert itself, we note that the ‘measured base objective’ is seen slightly higher at 0.9398/9400.”
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