USD/CHF to sckyrocket as far as 0.9800 – Credit Suisse

USD/CHF maintains a bullish continuation pattern and targets the 0.9498/9524 neighborhood. Additionally, the Credit Suisse analyst team finds that the pair could actually rise as far as 0.9800.

Key quotes

“We keep our upside bias intact and see resistance initially at 0.9418, removal of which would open the door to 0.9465/68 – the 61.8% retracement of the fall from March 2020 and mid-July 2020 high – where we would expect to see a pause at first. Above here u due course though should see a move back to 0.9498/9500 – the 50% retracement of the fall from 2019 and a psychological inflection point.” 

“Bigger picture, we think strength can eventually extend towards 0.9800.” 

“Support is seen initially at .9375/70, then 0.9350, which we look to ideally hold. Beneath here though would ease the immediate upside bias for a fall back to 0.9223/14, where we would expect a hold once again. Removal of here though would expose 0.9193/90, beyond which would instead suggest a much deeper correction lower.”