EUR/CHF is bouncing higher. Nonetheless, the pair remains below 0.9728/17, which keeps the near-term risk lower, according to economists at Credit Suisse.
EUR/CHF set to continue the decline toward 0.9334/9293
“EUR/CHF remains below the 55-day moving average and the downtrend from mid-June at 0.9728/17, which keeps the near-term pressure still pointed to the downside.
“Support now shifts to 0.9503/00 initially and then to 0.9464, below which should support a direct move to our technical objective at a cluster of Fibonacci projection levels at 0.9334/9293.”
“Key resistance remains at 0.9728/17, which ideally holds to prevent yet another pause within the broader downtrend.”
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