USD/CHF breaks above the key 0.9195/9208 resistance area, next stop at 0.9296/9330 – Credit Suisse

The USD/CHF pair is breaking above the crucial 0.9195/9208 resistance area, a close above which would expose 0.9296/9330 next and eventually 0.9498/9546, the Credit Suisse analyst team reports.

Key quotes

“We expect further upside, with resistance seen next at 0.9296/9330 – a cluster containing the September high, the 50% retracement of the 2020 fall and the 38.2% retracement of the 2019 bear move. We expect to see a temporary pause here, however, we have raised our core objective to 0.9498/9546.” 

“Support moves initially to 0.9141/25, beneath which would ease the immediate upside bias and see an intraday top completed to point towards a correction lower. Support is seen thereafter at 0.9082, below which would see a move back to the 21-day exponential average at 0.9040 next.”