USD / CHF has closed below its 200-day average and uptrend support at 0.9096 / 85, Credit Suisse analysts say. They warn that a weekly close below here would suggest a mid-term trend reversal, going neutral.
Key statements:
“A weekly close below a key group of medium-term supports at the 200-day average and an uptrend from the 2021 lows at 0.9097 / 84 would suggest that the overall downtrend is still intact, with the following levels at 0.9031 / 27, which is the 61.8% retracement of the 2021 bullish move, then 0.8922 / 11, before 0.8871 / 62, which is a significant low. “
“A break above 0.9182 / 96, particularly in the wake of a reversal to close the week above 0.9097 / 84 again, I would still establish an intraday basis to confirm that a major low is in place, in line with the medium-term trend, following indicators such as the weekly MACD, which remains completely bullish for now. “
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