USD / CHF is still capped at 0.8918 / 20, however a break above that level would complete a small “man-head-shoulder” base to trigger a correction in the central downtrend, Credit Suisse analysts say. .
Key statements:
“USD / CHF remains below 0.8918 / 20 for now, however the risk of a base and a deeper setback is growing and we have shifted our baseline to a more significant corrective reversal before the trend finally resumes. central bassist. “
“A break above the December highs at 0.8918 / 20 would see a small intraday ‘shoulder-head-shoulder’ base completed to open further, with the next level in the 55-day average at 0.8964 / 69, then 0.9027 / 28. It is worth noting that the ‘measured base target’ is 0.9083 “.
“Longer term, we look for the core downtrend to regain control after a deeper setback or otherwise, in line with the strong 2020 top that remains in place. Therefore, we see support initially at 0.8856 / 40, then at 0.8723 / 21, below which risk would decrease and open the way to the recent low at 0.8758 ”.
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