EUR/CHF: Short-term trend seems to be shifting higher – Credit Suisse

The EUR/CHF short-term trend seems to be shifting higher, with key resistance seen at 1.0651/62, analysts at Credit Suisse apprise. 

Commerzbank’s Karen Jones sees the pair underpinned by the 1.0559 55-day ma 

Key quotes

“The short-term trend seems to be shifting modestly higher, as the market is now holding above key short-term averages which have crossed higher, with daily MACD also remaining firmly above zero for the first time this year.” 

“We see resistance initially 1.0633, then 1.0651/62, removal of which would now trigger a base to suggest further strength. Resistance is seen thereafter at 1.0704/17, the 38.2% retracement and March highs, before the 50% retracement and 200-day average at 1.0775/88, where we would look for a cap if reached to reassert the medium-term downtrend.” 

“Support is seen initially at 1.0585/76, then 1.0565, ahead of 1.0505/00. A clear and closing break below here would instead suggest the medium-term downtrend is directly resuming and should finally allow downside momentum to re-accelerate.”