The USD/CHF pair saw a close above the crucial 200-day average, currently at 0.9130, to suggest further strength with resistance seen next at 0.9192/9208, analysts at Credit Suisse appraise.
“We shift our immediate bias towards further upside, with scope for 0.9192/9208 – the cluster composed of the key November highs and the 38.2% retracement of the 2020 fall – where we would expect to see another attempt to cap.”
“Above 0.9208 in due course though would suggest a much deeper correction higher, with resistance initially seen thereafter at 0.9229, then more importantly at 0.9296/9302.”
“We see support at 0.9120/25, which now ideally holds to maintain the direct upward bias. Next support is seen at 0.9042, below which would instead turn the short-term risks back lower and see a move back to the 21-day exponential average and psychological inflection point at 0.9008/00 next.”