USD/CHF sets for a correction higher to 0.9162 – Credit Suisse
|USD/CHF has established a near-term bull “wedge” after holding psychological support at 0.9000, opening the door to a correction higher to 0.9162 initially, the Credit Suisse analyst team reports.
Key quotes
“USD/CHF has held key psychological support at 0.9000 with RSI momentum not confirming the latest move lower and the subsequent sharp recovery has seen a bull ‘wedge’ established to raise the prospect of a correction higher.”
“Resistance for a recovery is seen at 0.9123/28 initially, above which should add weight to this view with resistance then seen next at 0.9140, then 0.9162. Bigger picture we see scope for a move to the August high and 55-day average at 0.9241/63, but with this expected to cap the recovery and for the broader ear trend to then resume.”
“Support is seen at 0.9055, below which can see a fall back to 0.9000/0.8999. An eventual move below here can clear the way for a test of support at 0.8875.”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.