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USD/CHF continues to stabilize above key retracement support at 0.9200 and analysts at Credit Suisse look for a break above 0.9260 to confirm an intraday base.

Support at 0.9200 ideally holds into the close for a move higher

“Long positioning has likely been cleared out after the recent intraday move below the 0.9200 level, and trend following indicators such as moving averages maintain a bullish ‘golden cross’, with weekly MACD staying outright bullish.”

“We stay biased towards a reversal higher from here, with resistance seen initially at 0.9260/69, above which would confirm an important low for an eventual retest of 0.9465/73 highs.  

“A clear, conclusive and closing break beneath the recent lows and the 38.2% retracement of the 2021 surge at 0.9200 would instead trigger a top and suggest a much deeper move lower. Beyond here could see the 55-day average next at 0.9179/73, where we would expect to see a temporary hold if reached.”

 

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