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EUR/CHF surged higher on Wednesday after completing a small base above 1.0990/93. Despite the reversal this morning,   analysts at Credit Suisse stay biased higher.

EUR/CHF maintains a small base despite this morning’s reversal lower  

“EUR/CHF maintains a small base despite this morning’s reversal lower following the recent break above 1.0990/93, which keeps the risks tactically higher within the downward channel of the past couple of months. This is reinforced by the tentative turn higher in daily MACD momentum.”  

“Next resistance is seen at 1.1022/29, which capped the market yesterday, before 1.106 0 /77, which we would expect to cap to keep the market in its downward channel. Only above here would reassert the medium term uptrend.”  

“Near-term support moves to 1.0986/80, which ideally holds. Below here and then 1.0950 would negate the base, with support then seen back at 1.0925/24. We would expect this level to prove a tough barrier once again.”

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