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USD/CHF maintains base above 0.9200/9212 to suggest further corrective upside with next key resistance at 0.9344, per Credit Suisse.

Key quotes

“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.”

“Support moves initially to 0.9278, then 0.9251/50, below which would ease the immediate upside bias and see a move back to 0.9216/00, beyond which would question the base that is in place, with support seen thereafter at 0.9190, ahead of 0.9137.”