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USD/CHF saw a strong and unexpected surge higher, breaking above the crucial early February high and the downtrend from early 2020, currently at 0.9036/46 to suggest further short-term upside, per Credit Suisse.

Key quotes

“We shift our immediate bias in favor of further upside, with the first and initial test seen at the 61.8% retracement of the fall from September 2020 at 0.9090. Although we ideally look for this area to cap for a move lower, we see scope for an overshoot back to the 200-day average at 0.9142. We expect a more concerted effort to hold at this point.” 

“Support is initially seen at 0.9039, beneath which would see a small intraday top completed to suggest a move back to 0.8975/57 – a cluster of key short-term averages.” 

“Beneath 0.8949 would instead see the ‘outside day’ negated and see support next at 0.8934, where we would expect to see another attempt to hold at first.”

 

Expert score

5

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