USD/CHF to reassert a bullish tone on a clear break above 0.9074/79 – Credit Suisse
USD/CHF posted an aggressive bullish “key reversal day” on Wednesday. Notwithstanding, the pair needs to break back above 0.9074/79 to reassert a tactical bullish bias, analysts at Credit Suisse report.
Clear break above 0.9074/79 to confirm a floor
“Only a clear break above resistance at 0.9074/79 would confirm a floor, with resistance seen next at the 55-day average at 0.9103/05.”
“A break above 0.9103/05 is needed to add weight to a recovery story for a move to 0.9130 next, ahead of key resistance from the downtrend from April at 0.9206. Above here is needed to suggest a broader recovery can take place for a move back to 0.9264/75 thereafter.”
“Next support is still seen at the potential uptrend from the early January low and 78.6% retracement of the June/July upmove at 0.9000/8988, where we would be alert to fresh signs of a potential floor if reached.”
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