USD/CHF set to test support at 0.8823/19 – Credit Suisse

USD/CHF risk is still seen lower for 0.8823/19, but with support expected to start to show here, economists at Credit Suisse report.

Mild negative bias

Support stays seen initially at 0.8900, below which can see a move to 0.8868/67 next ahead of a retest of the low for the year and potential trend support at 0.8823/19, where we would look for buyers to show. Should weakness directly extend this would be seen to expose the important 2021 low at 0.8757/50.

Above 0.9015 is needed to reassert a near-term upward bias for resistance at 0.9051 next, though with a firmer ceiling expected to be found at 0.9111/.9150.