Analysts at Credit Suisse continue to see scope for a test of a tough resistance at 1429/50 while support is seen higher at 1361/55.
“We see scope for a test of 1419/29 – the 61.8% retracement of the Q1 collapse – potentially as far as the top of the price gap at 1449/50. We continue to look for an important top here. A break, though, can see a test of the 200-day average, now at 1483.”
“Support at 1361/55 needs to hold to keep the immediate risk higher. A break can see a retreat back to 1338/34, with more important price and 13-day average support seen at 1318/07.”