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Support is seen at 0.5925/20, then 0.5911/06 while resistance now moves lower to 0.6016, which ideally caps, according to analysts at Credit Suisse.

Key quotes

“The market has come to a temporary halt just ahead of the key lower end of the April range and 38.2% retracement at 0.5925/06. Removal of here on a closing basis would see an acceleration of the downtrend, with support seen thereafter at 0.5851/44, before the ‘triangle measured top objective’ just below at 0.5809.”

“Resistance is seen initially at 0.5962, then 0.6016, above which would negate the recent ‘outside day’. Resistance moves thereafter to 0.6055, removal of which would negate the top to leave the market in the range.”