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- USD/CHF: A broader upmove is starting, next resistance at 0.9264/75 - Credit Suisse
USD/CHF: A broader upmove is starting, next resistance at 0.9264/75 - Credit Suisse
FXStreet reports that the Credit Suisse analyst team believes that USD/CHF has now broken above its downtrend from April at 0.9197, which suggests a broader upmove is starting.
“USD/CHF has now broken above the downtrend from April, today seen at 0.9197, reinforced by a renewed turn higher in daily MACD. The breakout suggests a broader move higher can take place for a move back to 0.9264/75, the July highs and the 61.8% retracement of the April/June fall.”
“Whilst the 0.9264/75 zone is likely to prove a tough barrier again, a break would open up a move to our prior Q3 objective at 0.9356/85, which is the downtrend from 2019.”
“The pair should now ideally hold onto its break above 0.9197/93 to keep a clean break higher.”
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