USD/CHF: Break below 0.9372/55 needed for fresh weakness – Credit Suisse

USD/CHF has maintained its rejection from 0.9372/55. A sustained close below here remains needed to confirm weakness over the next month, according to economists at Credit Suisse.

200DMA at 0.9629 ideally holds any further upside

“USD/CHF has extended its rejection of the key support zone at 0.9372/55. Whilst this development stays in line with improving near-term momentum and we see scope to extend this recovery for now, our broader bias remains negative, and we continue to look for an eventual turn back lower.” 

“Immediate support is found at 0.9500/9496 and then at 0.9475/71, though a stable close below the major support zone at 0.9372/55 remains seen as needed to confirm weakness over the next month and open the door to 0.9322/12.”

“A close above the 200-day average at 0.9629 would raise a question mark over our broader bearish bias, with next resistance above here then seen at 0.9683/9700.”