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USD/CHF has moved into a tight range just above its key 0.9000/8999 2020 lows, however, analysts at Credit Suisse stay directly bearish and look for a break in due course.

Key quotes

“USD/CHF remains in its short-term range of the past few days, maintaining a bearish ‘outside day’ from Thursday. With daily MACD also still firmly below zero, our core bias stays lower, with short-term support at the mid-September and recent range lows at 0.9049/37.”

“A clear break below 0.9049/37 would further reinforce our bearish bias and open up a move back to the current year low and psychological inflection point at 0.9000/8999, which we also think will be eventually broken over the medium-term. The next major support below here is seen at the 50% retracement of the entire 2015/17 upmove at 0.8875.” 

“Near term resistance stays at 0.9092. Above here would lessen the immediate downside risks, but only above 0.9163/75 would turn the risks back higher within the range.”