EUR/CHF: Next key resistance seen at 1.1060/78 – Credit Suisse


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.

Key quotes

“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.”

 

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.

Feed news

Get Weekly Crypto trade ideas!  
Empower yourself with the best market insights

Join FXStreet Premium!    

Latest Forex News


Latest Forex News

Editors’ Picks

EUR/USD stabilizes after US retail sales smash estimates

EUR/USD has bounced off its lows but remains below 1.20 after US retail sales smashed estimates with a 9.8% leap. Moreover, jobless claims tumbled to 576,000. Markets are digesting the big bulk of data.

EUR/USD News

GBP/USD rises toward 1.38 ahead of Brexit meeting

GBP/USD maintains a cautious approach below 1.3800, accumulating minor losses. Global risk uncertainties weigh on the pair. Investors await the Brexit meeting on the NI issue.

GBP/USD News

Ripple aims for significant rebound toward $2

XRP price has had an impressive 240% rally since April 3, hitting a three-year high of $1.96 and moving closer to ranking third again in terms of market capitalization, only $6 billion behind BNB at the moment. 

Read more

XAU/USD jumps above $1,760 amid slumping US T-bond yields

Gold extended its daily rally beyond $1,760 on Thursday. 10-year US Treasury bond yield is down more than 4% on the day. US Dollar Index falls into the negative territory below 91.60.

Gold News

Citi (C) beats on EPS and revenue, investment banking booms!

Citigroup (NYSE:C) reports Q1 2021 earnings showing strong growth in investment banking following on from Goldman smashing it on Wednesday. Citi shares are trading $74.20 in pre-market up nearly 2%.

Read more

Forex MAJORS

Cryptocurrencies

Signatures