USD/CHF closed last week with a sharp move above the April downtrend at 0.9331/43 and is showing signs of further strength on Monday. In the opinion of analysts at Credit Suisse, a sustained break above 0.9367/75 is needed to signal a potential fresh medium-term uptrend.

Move above November 2021 high at 0.9375 needed raise prospects of fresh uptrend

“Although the break above 0.9331/43 has now turned the risk for a medium-term upmove back higher we wait to see whether the recovery can continue above the major medium-term resistance at the November high at 0.9367/75.” 

“Only a sustained break above 0.9367/75 would confirm the recent strength and raise a prospect of a fresh medium-term uptrend emerging clearing the way for strength back to the 0.9473 high of last year and likely higher we think in due course.”

“Support at 0.9288 holding can keep the immediate risk higher. A break can see a move back to the middle of the short-term range at 0.9250/48, but with a move below here seen needed to turn the risk back lower again for a test of the mid-February lows at 0.9150/42.”