USD/CHF: Break above major resistance at 0.9356/69 to open up the 0.9473 peak – Credit Suisse

USD/CHF continues grinding higher and is now testing major resistance at 0.9356/69. A breakout is likely, in the view of the Credit Suisse analyst team.

First support moves higher to 0.9279

“The USD/CHF pair is now testing the important downtrend from the 2019 high and retracement resistance at 0.9356/69. We are increasingly of the view that is likely to be broken now, with the broader USD all but confirming a larger base. 

“It’s worth reiterating that there is little in the way of meaningful resistance if a breakout above 0.9356/69 is seen until the .9473 high, which suggests we could see a sharp acceleration in momentum.”

“First support moves higher to 0.9279, then more importantly at 0.9246, before 0.9214 which we still look to hold to keep our bias directly higher. Below here would leave the market back in its prior range, with next support at 0.9181.”