EUR/CHF is testing the 1.08 level. What is the outlook for the pair?
Here is their view, courtesy of eFXdata:
Credit Suisse maintains a bullish bias on EUR/CHF, expressing that via holding a long position targeting a move towards 1.10.
“We remain biased mildly higher and continue to look for another challenge on 1.0832/38. A sustained and closing break above here in due course would then reinforce thoughts of a broader change in trend direction to the upside and see resistance next at the 78.6% retracement of the May/July move lower at 1.0849/50 and eventually back up at the 1.0916 high of June,” CS notes.
“Support is seen at 1.0732/30, just shy of 1.0720/12, where we would expect to see a more concerted effort to hold,” CS adds.