EUR/CHF set to see an eventual test of the late April lows at 1.0189/69 – Credit Suisse
|EUR/CHF’s decline has paused around the 55-day moving average (DMA) at 1.0278. Nevertheless, analysts at Credit Suisse stay oriented lower and expect a test of 1.0189/69 in due course.
Resistance at 1.0360 set to hold to maintain the strong downward pressure
“With daily MACD turning lower and with the recent sharp drop in mind, we maintain our long-held bearish view and see scope for further downside, with support seen at 1.0263/53 initially, and then further below at the late April lows at 1.0189/69.
“A closing break below the late April lows at 1.0189/69 would look to promote further weakness to 1.0133, ahead of the April low at 1.0086.”
“Resistance remains at 1.0360, which ideally holds to maintain the strong downward pressure. Whilst a break above here would likely look to test 1.0403 as well, only a move above the 200-DMA and recent high at 1.0480/0515 would threaten the medium-term downtrend, though our base case is that this level will continue to hold if reached.”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.