USD/CHF to face a tough barrier at the 0.9345 mark – Credit Suisse

USD/CHF to face a tough barrier at the 0.9345 mark – Credit Suisse

USD/CHF surged higher on Thursday, breaking above resistance at 0.9242/43 to leave the top of the recent range at 0.9264/75 under severe pressure. In the view of economists at Credit Suisse, the franc is set for a short-term phase of weakness, with a breakout above 0.9264/75 opening up 0.9345/81, which includes the long-term downtrend from 2019.

 

Scope for resistance at 0.9345/56

“The April/June fall at 0.9264/75 is under severe pressure and we now look for a break above here, which would finally confirm a sustained trending move higher, with scope then for the multi-year downtrend and more minor retracement resistance at 0.9345/56. We expect this level to prove a tough barrier if reached.”

“The pair should now ideally hold above the 0.9242/43 minor breakout point to maintain the direct upside pressure. Below here the next level is seen at 0.9192/90, below which would remove the upside pressure and leave the market back in its range.”


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