USD/CHF continues to fluctuate in its range. Only a move below 0.9737 would signal further near-term downside and change Credit Suisse’s house view outlook to tactically bearish.

USD/CHF stays seen in a sensitive near-term range

“Further near-term consolidation is likely before making a more significant move higher/lower. Nonetheless, with daily MACD now rolling over, a fall below 0.9737 would still be seen as a signal that further near-term weakness is likely to follow.” 

“A move below 0.9737 would shift our outlook to bearish on a near-term tactical basis, whereby we would look for a decline towards the bottom of the broader range, with next support at 0.9557/24.” 

“Resistance moves to 0.9888/964, and then to the recent price highs at 0.9943/66, a break above which would instead signal a potential bullish triangle pattern for a move towards 1.0052/98.”