FXStreet reports that USD/CHF broke out of a small intraday bullish “wedge” continuation pattern as the USD strengthened vs. most pairs on Monday. The Credit Suisse analyst team believes this should trigger a break above the recent 0.9240 high and a move to next resistance at 0.9264 this week.
“USD/CHF pushed higher yesterday and broke above first resistance at 0.9214, which should open up a move to 0.9264 next, which is the 61.8% retracement of the Q2 fall.”
“Bigger picture, we believe the recent break above the 200-day average turned the risks higher within the 2021 range over the next 1-2 months, reinforced by the cross into positive territory for daily MACD. With this in mind, the next resistance above 0.9264 is seen at 0.9300/05."
“Near-term support stays at 0.9142/33, then 0.9101/00 and at most, the 0.9073 200-day average, which we look to hold to keep the 1-month risks higher (if reached).”
© 2000-2022. All rights reserved.
This site is managed by Teletrade D.J. Limited 20599 IBC 2012 (First Floor, First St. Vincent Bank Ltd Building, James Street, Kingstown, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at email@example.com.