USD/CHF has closed below its 200-day average and uptrend support at 0.9096/85. Analysts at Credit Suisse watch for a weekly close below here, which would suggest a medium-term trend shift, and move to a tactically neutral stance for now.
Watching for a weekly close below 0.9097/84
“A weekly close below a key cluster of medium-term supports at the 200-day average and uptrend from the 2021 lows at 0.9097/84 would suggest that the broader downtrend is still intact, with the next levels at 0.9031/27, which is the 61.8% retracement of the 2021 upmove, then 0.8922/11, before 0.8871/62, which is an important price low.”
“A break above 0.9182/96, particularly on the back of a reversal to close the week back above 0.9097/84, would still set an intraday base to confirm an important low is in place, in line with medium-term trend following indicators such as weekly MACD, which still stay outright bullish for now.”