EUR/CHF is bouncing higher. Nonetheless, the pair remains below 0.9728/17, which keeps the near-term risk lower, according to economists at Credit Suisse.

EUR/CHF set to continue the decline toward 0.9334/9293

“EUR/CHF remains below the 55-day moving average and the downtrend from mid-June at 0.9728/17, which keeps the near-term pressure still pointed to the downside.

“Support now shifts to 0.9503/00 initially and then to 0.9464, below which should support a direct move to our technical objective at a cluster of Fibonacci projection levels at 0.9334/9293.” 

“Key resistance remains at 0.9728/17, which ideally holds to prevent yet another pause within the broader downtrend.”