EUR/CHF maintains an important base despite the Thursday’s pullback – Credit Suisse

EUR/CHF fell sharply on Thursday. However, the pair is holding above first moving average support at 1.0834 and analysts at Credit Suisse stay biased higher. 

See: EUR/CHF to edge lower towards the 1.0700/1.0689 zone – Commerzbank

Support is at 1.0782

“EUR/CHF is holding above the 13-day exponential moving average at 1.0837/33 and daily MACD is still firmly in bullish territory. We, therefore, stay biased higher in the short-term, with the medium-term downtrend at 1.0922/25 the next level to watch, above which would confirm the medium-term is indeed over.”

“A break above 1.0922/25 would open up the next important resistance at 1.0976/89.”

“Key support is seen at 1.0837/22, which is a cluster of moving averages, then 1.0782, which now needs to hold to maintain the base. Below here would instead suggest further ranging, which is not our base case.”

 

About the Author

You may also like these