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A close above the 200-day average at 1.2681 would mark a significant break higher with next resistance at 1.2726/31, the Credit Suisse analyst team apprise.

Key quotes

“With USD itself expected to stay under pressure we look for a close above the 200-day average at 1.2681 to suggest we are seeing a more significant turn higher, with resistance seen next at the February low and high of last week at 1.2726/31, then the potential downtrend from December 2019, today seen at 1.2865, which we would expect to cap at first.” 

“Big picture though, we suspect this could eventually lead to a challenge on medium-term resistance at 1.3200.” 

“Support moves to 1.2681/75 initially, with a move back below 1.2661 needed to ease the immediate upside bias with support then seen at 1.2619, then the low from Friday at 1.2583.”

 

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