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EUR/CHF remains heavily under pressure, testing and so far holding key support at the April/May range lows and the key psychological barrier at 1.0505/00, strategists at Credit Suisse report.

Key quotes

“We expect further downside to unfold in line with the recent bearish ‘outside day’ which remains in place and with daily MACD momentum also still pointing lower again.” 

“An eventual break below 1.0500 would suggest the medium-term downtrend is resuming and should finally allow momentum to re-accelerate, with scope then for an eventual move to 1.0413/09 thereafter as the next initial support.” 

“Resistance moves to 1.0526/32, then 1.0541, ahead of the 55-day average at 1.0561, where we would expect the market to cap once more.”