FXStreet reports that USD/CHF pushed higher on Wednesday, but remains capped below first resistance at 0.8998/9003, as well as more important resistance at 0.9049/77. Analysts at Credit Suisse are still biased directly lower for a move to 0.8910 next.

“We maintain our downside bias following the recent break below the 200-day average, which suggested the medium term downtrend was resuming. With this in mind, we look for a renewed turn back lower, with next support seen at .8922/10, which is the 78.6% retracement of the Q1 recovery, before .8871/62, which is an important price low.” 

“Near-term resistance is seen at 0.9049/53. As above, the 200-day average at 0.9077 should ideally continue to cap. Above would instead complete a base to turn the risks higher.”