FXStreet reports that analysts at Credit Suisse note that the USD/CHF pair did unwind the overbought condition on Friday, but maintains a small “head and shoulders” base with key resistance seen at 0.9079/95. 

“USD/CHF reverted lower on Friday as the market unwound the oversold condition, coming to a halt ahead of the crucial back of the broken downtrend at 0.8971. The pair has subsequently shifted into a very near-term consolidation range, however with daily MACD momentum still pointing higher, we look for strength to resume as a small ‘head and shoulders’ base is still in place.” 

“Resistance is seen initially at 0.9007, then 0.9046, removal of which would expose the 61.8% retracement of the September 2020/January 2021 fall, our ‘measured base objective’ and the downtrend from early 2020 at 0.9079/95.”