EUR/CHF may be trading in a bull “flag” pattern, however a break above 1.1118 is needed to confirm this, whilst support is seen at 1.0984/63, as reported by the Credit Suisse analyst team.
EUR/CHF still looks as though it is trading in a potential bull “flag” continuation pattern
“We maintain our view that the market may be forming a larger bullish ‘flag’ continuation pattern despite the recent setback and we therefore stay bullish.”
“Next resistance is seen at 1.1064/67, then 1.1118/23, above which would confirm the pattern to suggest the broader bull trend is resuming, with scope for a move to the 1.1152/58 highs initially and eventually beyond.”
“We now look for 1.1011 to ideally hold to maintain the new intraday base. Beyond here and then 1.0983/67 would instead reassert the topping scenario and see a move to the 61.8% retracement at 1.0906/0897 next.”
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