Economists at Société Générale analyze USD/CHF technical outlook.

May low of 0.8820 is likely to provide resistance

USD/CHF failed to overcome the 100-DMA last month resulting in an extended decline. It is fast approaching next projections near 0.8600/0.8570 which is also the lower limit of a multi-month down-sloping channel. 

The move is a bit stretched however signals of a meaningful uptrend are not yet visible. Achievement of this potential support could result in a rebound; May low of 0.8820 is likely to provide resistance.