Credit Suisse is lending its voice to the upsurge seen in the USD/CHF pair, which has allowed it to break past the highs of early February. According to the bank, this move has broken the early 2020 downtrend, allowing the price to attain 0.9036/46 thus suggesting good potential for further in the short-term.
Credit Suisse notes that the immediate bias is for the pair to hit further upside, testing the 61.8% retracement level of the drop from the September 2020 high. The bank is also looking for a move to 0.9142, where it expects things to cool off a little.
A return to risky sentiment has been responsible for the gradual easing of the Swiss Franc against the greenback, with the USDCHF moving from 0.8814 on 4 January to the current levels.
Technical Levels to Watch
Today’s 0.3% advance is challenging the resistance at 0.90809. A break of this area allows the pair to aim for the 0.91361 resistance, with 0.91533 and 0.91899 lining up as additional targets to the north.
On the flip side, a rejection and pullback at the current resistance brings 0.90629 into the picture, with 0.90351 and 0.89953 lining up as additional targets to the south.
USD/CHF Daily Chart