Resistance at 107.50 ideally caps for weakness back to 106.45/35, then 105.20/14, according to analysts at Credit Suisse.
“With a bearish continuation pattern in place below 106.92 we thus stay bearish and look for a retest of 106.45/35 – last week’s low and the 50% retracement of the March rally. Beneath here in due course should see support next at 105.77, then the 61.8% retracement of the March rally and price support at 105.20/14.”
“Near-term resistance remains at 107.08/17 ideally caps to keep the immediate risk lower. Above 107.50 though remains needed to raise the prospect of a more neutral trend and strength to 108.04/08.”