USD/CHF reverted back sharply higher from key uptrend from the late March low, reinforcing the view of an extension of the rangebound environment, according to the Credit Suisse analyst team. Commerzbank’s Karen Jones also noted that the USD/CHF bounced from the short-term uptrend, located at 0.9645.
“Resistance is seen initially at 0.9729/30, then 0.9750/61, removal of which would negate the recent bearish ‘outside day’ and open the door to a move back to the 200-day average and recent highs at 0.9784/9803.
“Support is initially seen at 0.9695, then at the start of a more important zone at 0.9646/38, which contains the recent lows and March uptrend.”
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