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USD/CHF: Weekly close below 0.9183 opens up a test of 0.90 psychological mark – Credit Suisse

Written by By FXStreet Team | 2020-07-31 09:24:40 GMT

USD/CHF is continuously moving lower, with a weekly close below the crucial 2018 and March 2020 lows at 0.9188/83 now looking very likely as the pair trades around 0.9080. Economists at Credit Suisse see the pair sliding toward the 0.90 psychological level.

Key quotes

“USD/CHF continues to extend its move below the crucial 2018 and March 2020 lows at 0.9188/83, further reinforcing the view that we should see a weekly close below this critical inflection point today. This would then suggest a major breakdown and the end of its broad, multi-year range.” 

“A close below the 2015 May low at 0.9072 would then see support at 0.9047, before the psychological barrier at 0.9000, where we might see a first attempt to hold. Below here though would then see support at 0.8936, removal of which would see the 50% retracement of the entire 2015/2016 upswing at 0.8875 next, where we would then expect a more important effort to hold. In contrast, as the daily RSI momentum is still in heavily oversold territory we remain on alert for a potential reversal higher or minor setback in the near-term.”

“Resistance is initially seen at 0.9089, then 0.9151, ahead of 0.9183/88, which ideally continues to cap.”

 

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