USD/CHF takes a breather to unwind the overbought condition – Credit Suisse

The USD/CHF pair is taking a breather after the strong swing higher, with short-term support seen at 0.9285, the Credit Suisse analyst team reports.

Key quotes

“USD/CHF is trying to unwind the heavily overbought condition and we thus see scope for further near-term weakness, with support seen initially at 0.9328, beneath which would see a move to 0.9285 next, where we would expect the market to find a floor.”

“Beyond 0.9285 would instead see a small top completed with support thereafter at 0.9141/22 – a cluster of price supports that contains also the 200-day average – where we would expect to see a more important attempt to hold if reached.”

“Resistance is seen initially at 0.9376, above which would reassert the move higher to 0.9398/9400 next. Removal of here would open the door to 0.9468.”