USD/CHF eyes further ranging below 1.0064/90 – Credit Suisse
|USD/CHF is stalling around parity. Consequently, economists at Credit Suisse neutralize their successful tactical bullish bias from 0.9550, expecting the pair to stay trapped in a range.
Resistance at 1.0064/90 to hold to maintain the broader range view
“USD/CHF has reached the top of our anticipated 0.95 to parity range, leading us to neutralize our tactically bullish view. We thus look for strength to eventually fade from here, with key resistance at the YTD high and downtrend from 2016 at 1.0064/90 expected to serve as a solid cap to maintain our rangbeound outlook.”
“Support is seen at 0.9870 and further below at 0.9724/04, with a break below here needed to shift the risk back lower again and prompt another short-term swing lower within our highlighted 0.95 to parity range.”
“We expect resistance at 1.0064/90 to hold to maintain the broader range view. Should strength extend above here though, the next key medium-term resistance would be seen at the 2019 high at 1.0226/35.”
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