EUR/CHF to extend its rise towards 1.1029 on a break above downtrend at 1.0913 – Credit Suisse
|EUR/CHF has finally closed clearly above its 200-day moving average at 1.0900. Analysts at Credit Suisse look for a break above downtrend resistance at 1.0913 next.
See – EUR/CHF: Tough resistance at 1.0925/41 to cap gains – Commerzbank
EUR/CHF is threatening the 2021 downtrend at 1.0913
“The medium-term downtrend at 1.0913/25 is under threat. With daily MACD still in bullish territory, German 10yr Bond Yields breaking higher and the market maintaining a large base, we stay biased higher, with a break above the medium-term downtrend confirming a more sustained upmove to open up the next important resistance at 1.0976/89 and likely beyond, with the next level at 1.1029.”
“First support is seen at the 13-day exponential moving average at 1.0864/57, then 1.0834, which now needs to hold to keep the risks directly higher. Below here in the next few sessions would suggest an important failure at the 2021 downtrend.”
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