USD/CHF: 0.9472/60 to serve as a floor to to maintain the 0.95-1.00 range – Credit Suisse

USD/CHF is approaching the bottom of the 0.95 to parity range. Analysts at Credit Suisse look for 0.9472/60 to serve as a floor to maintain the range.

Potential for further near-term weakness to unfold

“We still see some near-term downside potential toward the bottom of the defined range, with support seen at 0.9647 initially and next at 0.9603/9595. A sustained break below here would open the door to a number of retracement supports and the price low from May at 0.9574/43, which we would look to prove a tougher obstacle.”

“Should the 0.9574/43 level break though, 0.9472/60 is expected to serve as a floor to maintain the range.”

“Near-term resistance is seen at 0.9819/46 initially and then way above at 0.9989 and next at 1.0038. Though a break above this level is unlikely, we maintain our base case that an attempt to return back above here will be halted at the YTD high and the downtrend from 2016 at 1.0064/90.”