The Swiss Stock Market has been on a remarkable rally, surging over 15% between December and January. At times, the price action resembled a near-vertical ascent. However, following the announcement of Trump’s tariffs over the weekend, Monday’s trading session opened with a gap. Despite this, the SMI20 demonstrated exceptional resilience compared to its global counterparts, swiftly closing the gap within the same day.
The index maintained its position above immediate support, aligning with the 23% Fibonacci retracement level. This serves as a strong indication of robust demand from buyers. Further reinforcing the bullish outlook, we also observe the formation of a Golden Cross—a widely recognized technical pattern signaling strong upward momentum.
Looking ahead, before the index undergoes any significant correction, we anticipate a retest of the previous swing high, surpassing the 12,690 level. At this point, a potential Double Top formation may emerge, signaling the possibility of profit-taking and a subsequent pullback. Traders will likely start considering short-term downside risk only after this retest occurs.
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