EUR/CHF has surged dramatically higher, closing above 1.0916 to complete a major base, which suggests further upside, with next resistance seen at 1.1060/78, the Credit Suisse analyst team informs.
“We look for a renewed test of the October 2019 high at 1.1060/63, with the 38.2% retracement of the entire 2018/2020 fall at 1.1078 just above, where a more concerted pause is likely in our view. Next resistances above here though are seen at 1.1111, then 1.1172, before another major retracement level at 1.1255.”
“Big picture, we note that the ‘measured base objective’ is seen much higher at 1.1326.”
“Support moves initially to 1.1000, then 1.0981, beneath which would see a small intraday top completed and suggest a move back to 1.0916/15. Only below here would instead mark an important failure and negate the base in place, with support seen next at 1.0890.”
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