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USD/CHF is back under pressure after a roller-coaster session on Wednesday, and a move beneath 0.8826 would see the bear trend resume, according to the Credit Suisse analyst team. 

Earlier in the day, the Swiss National Bank (SNB) board members left the key rate unchanged at -0.75%.

Key quotes

“We see support initially at yesterday’s low at 0.8826, below which would confirm the resumption of the core bear trend and see support next at the price level and key psychological inflection point at 0.8802/00, where we would expect to see an initial attempt to hold. Beyond here though could see a move back to 0.8765/62, with further price and psychological support at 0.8703/8699. 

“Resistance is seen initially at 0.8858, then 0.8892/96, before 0.8909/15, which ideally continues to cap any correction higher. Beyond here though we see 0.8947/54 next, removal of which would see a move back to 0.8983/84, where we expect to see another attempt to cap if reached.”