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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