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- EUR/CHF: Only above 1.1011/17 would see a break of its downtrend - Credit Suisse
EUR/CHF: Only above 1.1011/17 would see a break of its downtrend - Credit Suisse
Credit Suisse discusses EUR/CHF technical outlook and maintains a slightly lower bias against a close above 1.1011/17.
"With the downtrend from April still just capping our bias stays slightly lower with support seen at 1.0980 initially, then 1.0967/62, below which can see a test of what we view as more important support at 1.0955/47 – the 38.2% retracement of the November raly and price support. A break below here is needed to suggest a more important top is indeed in place. A close above the recent high and 78.6% retracement of the October/November fall at 1.1011/17 can see a conclusive break of the downtrend to clear the way for strength back to 1.1035/40, ahead of a fresh test of the upper end of its trading range at 1.1060/70 – the late July and October highs and 38.2% retracement of the April/September fall," CS adds.
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