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Nov 23 - 06:55 PM

USD/CHF: N-Term Consolidation Phase Intact But A 'Very Large' Top Still In Place - Credit Suisse

By eFXdata  —  Nov 23 - 03:00 PM

Credit Suisse discusses USD/CHF technical outlook and maintains a bearish bias over the coming weeks.

"USDCHF remains in a near -term phase of consolidation, just below key moving averages. However, with a very large top still in place, our focus is skewed lower, with support seen initially at .9092/80, then .9037, removal of which would expose .9000/8983, where we would expect to see fresh buyers again, as this level continues to prove a major hurdle for the market. A decisive break below here is needed to finally confirm a resumption of the core bull trend and trigger a move back to .8943, ahead of .8936/32, where we would expect to see another pause at first," CS notes. 

"Resistance in contrast is seen at 9152/59, which ideally caps once more. Beyond here though would see .9192/9208 – the 23.6% retracement of the entire 2020 fall and recent highs – where we would also expect to see a cap if reached. Only a close beneath .9000/8983 would confirm the resumption of the core bear trend," CS adds. 

Source:
Credit Suisse Research/Market Commentary

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