USD/CHF has moved into a short-term consolidation phase. However, the bias of the Credit Suisse analyst team stays higher over the next month, with short-term resistance at 0.9240.
USD/CHF has entered a short-term consolidation phase
“USD/CHF has entered a short-term consolidation phase over the past two days following the recent surge higher and break above the 200-day average. Despite this short-term consolidation phase, we believe the broader risks have turned higher within the 2021 range over the next 1-2 months, reinforced by the cross into positive territory for daily MACD.”
“The next initial resistance is seen at 0.9240/47, above which would complete a fresh bullish continuation pattern, with the next initial level at 0.9264, then 0.9300/05. Thereafter, a move to the medium term downtrend at 0.9435/41 seems very likely in our view.”
“Near term support moves to 0.9174/67, below which would suggest a short -term correction lower to 0.9106/00 and at most, to the 0.9071 200-day average, which we look to hold to keep the 1-month risks higher (if reached). Below here would leave the market back in a choppy rangebound phase.”
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