Home USD/CHF to confirm a deeper correction higher above resistance at 0.8918/26 – Credit Suisse
FXStreet News

USD/CHF to confirm a deeper correction higher above resistance at 0.8918/26 – Credit Suisse

USD/CHF is pushing hard into the key 0.8918/26 highs, above which would trigger a small base to confirm further corrective strength, the Credit Suisse analyst team informs.

Key quotes

“USD/CHF has been pushing hard into the key 0.8918/26 highs over the past couple of days, further increasing the risk of a base and the corrective recovery phase that we have been calling for. 

“A clear break above the December highs at 0.8918/26 would see a small intraday ‘head and shoulders’ base completed to open up further upside, with the next level at the 55-day average at 0.8947/64, then 0.9027/28, which is a cluster of medium term retracement levels. Its worth highlighting that the ‘measured base objective’ is at 0.9083, where we would look for a solid cap.” 

“Longer-term, we look for the core bear trend to take over again post a deeper setback, in line with the very large top from 2020 that remains in place. Therefore, we see support initially at 0.8856/40, an immediate break below which would lessen the basing risk and open up 0.8723/21, then the recent low at 0.8758.”

 

FX Street

FX Street

FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions.