USD/CHF maintains its base and, with momentum also showing a topside bias, notes Credit Suisse.
"We look for further strength towards price and the 38.2% retracement of the March/April sell-off at .9712/26.
We would expect an initial cap here, but a direct break higher can suggest a challenge of the late March 2016 high and the 38.2% retracement level at .9788/90, followed by the 200-day average at .9830," CS projects.
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"Support remains at .9614, then .9596/85, which we look to hold. Below here can aim at .9542, beneath which can open up a rest of the week’s low at .9498," CS adds.
In line with this view, CS maintains a long USD/CHF from 0.9645, with a stop at .9585, and a target at .9788.
