USD/CHF has seen a sharp move higher. In the opinion of economists at Credit Suisse, the pair may be seeing the beginning of a medium-term shift higher with next resistance at the 2021 high and 50% retracement of the 2019/2021 fall at 0.9473/97.
Support for a potential correction is seen at the November high of 0.9370
“We shift our view to tactically bullish for an eventual test of the 2021 high at 0.9473. A clear and sustained break above here should reinforce thoughts of a medium-term uptrend with resistance then seen next at the 50% retracement of the 2019/2021 fall at 0.9497, then the 200 -week average at .9533/36, with the mid-June 2020 high at 0.9554.”
“Support for a potential correction is now seen at the broken November high at 0.9373/70 initially, which ideally holds to maintain the immediate strong upward pressure. A close below here would warn of a move back to the broken April downtrend at 0.9330/26, which we expect to hold.”
