USD/CHF: Scope to test the April 2021 high at 0.9800/03 – Credit Suisse

USD/CHF has broken above the resistance level at 0.9672 with ease. Analysts at Credit Suisse maintain a tactically bullish outlook for the pair and see scope for a move to 0.9800/03 next and eventually 0.9900/21 over the medium-term.

USD/CHF continues to show sustained strength

“We expect the advance to be maintained in the medium-term, with resistance seen at 0.9720/37 initially, then at 0.9760 and eventually at the April 2021 highs at 0.9800/03. Whilst a short corrective pause is likely given the steepness of the current climb, above 0.9800/03 would see scope to reach the 2020 high at 0.9902 in due course, which we expect to act as a key medium-term indicator to define the market’s further course.” 

Supports remain located at the cluster of intraday lows at 0.9665/9526, which ideally hold “any sharp near-term correction. Only a quick fall back all the way to 0.9473/54 though would negate the upside and signal further weakness, first to 0.9417/13 and then potentially to 0.9383/69.”