EUR/CHF is under pressure for a test of support at 0.9712/00, below which can see a top established, analysts at Credit Suisse report.

Further EUR/CHF depreciation

“EUR/CHF keeps grinding lower within its broad ~0.9700-1.0101 range, with weekly MACD momentum also turning freshly lower back into negative territory and with the EUR itself now showing signs of weakness. This, along with our ‘risk-off’ stance, leaves us also biased towards further EUR/CHF depreciation.” 

“We believe a range breakdown below 0.9712/00 is likely in due course, which would open up a move to 0.9559 next and potentially the 0.9411 low.”

“Key resistance at the range top at 1.0101 is expected to cap.”