Credit Suisse discusses USD/CHF technical outlook and highlights the importance of the 0.9047 level for near-term directional bias.
"Whilst our core outlook stays bearish following the completion of a major top, there remains the risk of a more prolonged consolidation prior to the downtrend resuming. Whilst resistance at .9184/89 caps the immediate risk is seen lower in the range with support seen at .9091, beneath which would see a fresh challenge of .9056/47. Beneath here should curtail thoughts of a consolidation phase for a direct resumption of the downtrend with support seen next at a major psychological inflection point at .9000, where we would expect to see fresh buyers at first," Cs notes.
"Resistance is seen initially at .9168, then .9184/89, removal of which would ease the immediate downside with resistance thereafter at .9216 and then at the more important at .9241/52. Only above this latter area though would warn of a more significant base," CS adds.