USD/CHF: Capped by the 200-day average at 0.9790 – Credit Suisse

USD/CHF remains in a short-term range but still capped at its 200-day average, per Credit Suisse.

Key quotes

“USD/CHF remains trapped within a neutral range, with the market holding at the 0.9595 April low following the latest sharp rejection from the 200-day average and price resistance at 0.9790/9803.”

“Below 0.9595/89 on a closing basis would resolve the range to the downside, with support next at the late March low at 0.9503, removal of which would see the completion of a more important top.” 

“Above 0.9803 on a closing basis should see strength extend to the more important resistance zone at 0.9868/.9902, which includes 2020 high and downtrend from 2019. Only a sustained move above here though would raise the prospect of a more significant bull phase.”