USD/CHF: Another test of the 200-day average at 0.9788 in due course – Credit Suisse

USD/CHF saw another rejection of the 200-day average and recent highs at 0.9784/9803, keeping the market within its range, per Credit Suisse. 

Key quotes

“A clear and closing break above 0.9803 is needed to end the recent range bound phase and confirm the risks have turned back higher, with resistance seen thereafter at 0.9829, ahead of the 2019 downtrend at 0.9863, where we would expect to see another attempt to cap if reached.” 

“Support is seen at 0.9696, then 0.9681, ahead of 0.9646.”