USD / CHF is testing levels below the lower end of the range and below the crucial long-term retracement support of 0.8875. Credit Suisse economists continue to see a dominant downtrend in the medium term, although they warn of a high possibility of lateral movements in the short term.
Key statements:
“USD / CHF is again attempting to break out of its narrow range to the downside after breaking below 0.8950 this morning. Despite the first test below this level, we remain biased for more short-term sideways for now, with the Fed tonight as a potential catalyst for a short-term reversal back to range. “
“We remain biased to the downside in the medium term and look for a sustained decline, with support initially seen at 0.8802 / 00, also a key psychological turning point, where we would expect to see another attempt to stay at the beginning. Beyond here, we could see a move back to 0.8765 / 62 “.
“Resistance is initially seen at 0.8862, then 0.8881 / 88, before 0.8909 / 15, which ideally continues to limit any upward correction. Beyond here, we see 0.8947 / 54 below, whose breakout would see a move back to 0.8983 / 84, where we expect to see another top attempt to be reached. “
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