Close above 0.8703 to open the door to a deeper recovery to 0.8819/29 – Credit Suisse

USD/CHF has seen a rollercoaster week. Economists at Credit Suisse analyze the pair’s outlook.

Support at 0.8661 needs to hold to maintain an immediate upside bias

A close above 0.8703 today is seen needed to confirm which we would then look to prove the platform for a deeper, but we think still corrective recovery to resistance initially at 0.8780/82 ahead of the May low and ‘measured base objective’ at 0.8819/29.

Support at 0.8661 is seen needing to hold to maintain an immediate upside bias and thoughts of a base. Below though would ease thoughts of recovery for a retest in due course of the 0.8557/52 lows.