The EUR/CHF short-term trend has accelerated to the upside, with key resistance seen at 1.0710/17, ahead of 1.0772/88, per Credit Suisse.
“EUR/CHF saw strength extend further on Thursday, in line with the large base and the recent daily MACD turn higher, all of which suggests further upside is likely. Resistance is seen at the 1.0710/17 late March high and 38.2% retracement of the October/May fall, where we would expect to see fresh selling initially.”
“We expect a break of the 1.0717 resistance in due course and see resistance next at the 50% retracement and 200-day average at 1.0772/88, where we would then look for a more sustained cap to reassert the medium-term downtrend.”
“Support is seen initially at 1.0674, then 1.0662/56, ahead of 1.0589/76, which ideally holds to keep the near-term upside bias intact. Removal of here would negate the base and see a move back to 1.0510/00.”
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.