FXStreet reports that USD/CHF continues to stabilize above key retracement support at 0.9200 and analysts at Credit Suisse look for a break above 0.9260 to confirm an intraday base.

“Long positioning has likely been cleared out after the recent intraday move below the 0.9200 level, and trend following indicators such as moving averages maintain a bullish ‘golden cross’, with weekly MACD staying outright bullish.”

“We stay biased towards a reversal higher from here, with resistance seen initially at 0.9260/69, above which would confirm an important low for an eventual retest of 0.9465/73 highs. 

“A clear, conclusive and closing break beneath the recent lows and the 38.2% retracement of the 2021 surge at 0.9200 would instead trigger a top and suggest a much deeper move lower."