EUR/CHF has broken above the high from September at 0.9867, which warn of a much deeper short-term recovery to 1.0022/69, analysts at Credit Suisse report.

Fall back below 0.9641 to shift the risk lower again

“We think that a stronger near-term recovery is likely to unfold. Nonetheless, we stay medium-term bearish whilst the market remains below the falling 200-day average and the 23.6% retracement of the 2018/22 decline at 1.0022/69, where we expect a crucial barrier to be found to avoid questioning the core bearish view.”

“A fall back below 0.9641 remains seen as needed to shift the risk lower again and open the door to the YTD low at 0.9409.”