USD/CH has climbed over 1 percent in the month of April. What is the technical outlook for the pair?
Credit Suisse discusses USD/CHF technical outlook and adopts a tactical bullish bias targeting a move towards resistance at .9878/.9926.
“USDCHF has completed a large bull ‘triangle’ reinforcing the still intact uptrend and suggesting we should see further strength unfold. Resistance is seen initially at the .9797 recent highs and 200-day average, which may prove a tough barrier into the close.
We stay biased towards an eventual break higher though, to see strength extend to more important resistance at .9878/.9926, which includes the 2020 high and downtrend from 2019. The bull ‘triangle’ points to a break above here also, with resistance then seen next at the October, November and December 2019 highs at 1.0009/28, where strength initially may come to a halt,” CS notes.
“Support moves to .9750, then .9706, which should floor the market to keep the risks higher. Beneath here though would see a move back to .9669, ahead of .9656/45, which ideally holds,” CS adds.
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