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USD/CHF is getting closer to better support at 0.9227/9200, where the Credit Suisse analyst team would look for a floor, before the core uptrend eventually resumes.

Further corrective downside seems likely, before strength eventually takes over again

“USD/CHF weakness is extending in early trading today, following the completion of a small top, which suggested that a more corrective downside was likely. With this in mind, we keep our immediate short term outlook lower and see support initially at 0.9268, ahead of 0.9240. Removal of here would expose the ‘measured top objective’ and key lows at 0.9227/14, where we look for a floor and for a reversal back higher.”  

“Post this correction phase, with a bullish ‘golden cross’ completed, we look for strength to take over again and see resistance initially at 0.9322/32, then 0.9391/96. Beyond here could see a fresh test of 0.9465/73 in due course.”  

“Bigger picture, we still think strength can eventually extend towards 0.9800.”  

“Beneath 0.9227/14 would instead suggest a much deeper correction lower, with support thereafter at the 38.2% retracement of the 2021 surge at 0.9200.”