USD/CHF seems to be resuming the core bear trend, reinforcing the view that a major top is in place with support seen back to 0.9056/47 before the 0.9000 psychological mark. On the flip side, resistance moves to 0.9139, per Credit Suisse.
Key quotes
“USD/CHF is back under pressure with the core bear trend resuming, after having partially unwound its oversold condition, thus adding further weight to the view that strength was indeed only corrective and that a major top is in place.”
“We see support initially at the July and current August lows at 0.9056/47, ahead of a major psychological inflection point at 0.9000, where we would expect to see fresh buyers at first to unwind the already oversold condition. Beneath here though would further reinforce the strong downtrend and see support thereafter initially at 0.8986.”
“Resistance is seen initially at 0.9091, then 0.9109, ahead of 0.9139, removal of which would ease the immediate downside pressure and suggest further near term consolidation. Resistance is seen thereafter at 0.9230/41, where we would then expect to see a more important effort to cap once more.”
Reprinted from FX Street. The copyright all reserved by the original author.
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