USD/CHF: Credit Suisse still recommends buying, with a first target at 0.9788

This morning, Credit Suisse provided an update on the USD/CHF and continues to recommend its purchase:

"The USD/CHF maintains its foundation, and the dynamics reveals a positive bias. We expect a further rise towards the 38.2% retracement from the drop observed in March-April to 0.9712 / 26.

We then expect the currency to stagnate at this threshold. In the case of a direct break, the summit hit at the end of March 2016 at 0.9788 / 90 would be targeted, prior to the 200-day Moving Average at 0.9830.

The support levels are located at 0.9596 / 85, followed by 0.9542 and 0.9498.

We therefore maintain our long USD/CHF position opened at 0.9645, with a stop loss at 0.9585 and a take profit at 0.9788.