USD/CHF: Support at 0.9214/12 to hold with resistance seen at 0.9324 – Credit Suisse
|USD/CHF has been capped at key downtrend resistance at 0.9356/70. Nonetheless, analysts at Credit Suisse look for support at 0.9214/12 to hold further weakness.
The long-term risk stays seen higher
“USD/CHF strength has been capped at 0.9356/70 as the franc itself benefits from safe haven flows as equities extend their sharp fall. Although we expect equities to extend their fall our bias is still to view this as a temporary pullback here.”
“We look for trend and price support at 0.9214/12 to try and hold with resistance seen at 0.9281 initially, with a break above 0.9324 needed to clear the way for a retest of 0.9356/70. Beyond here would mark a significant break higher with little then seen in the way of meaningful resistance until the 0.9473 April high.”
“Below 0.9214/12 would leave the market back in its prior range, with next support seen at the 55-day average at 0.9185 with more important but distant support seen at 0.9116/0.9099.”
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