EUR/CHF turns back higher to challenge the 1.0898 /1.0918 resistance – Credit Suisse

EUR/CHF surged back higher again on Monday. A break above 1.0898/0918 would open up significantly higher levels, in the view of analysts at Credit Suisse.

Support is at 1.0782

“With daily MACD still firmly in bullish territory and the market maintaining a large base, we stay biased higher, with the market now testing the 200-day average and medium-term downtrend at 1.0898/1.0918, above which would confirm the medium-term downtrend is indeed over.” 

“A break above 1.0898/1.0918 would open up the next important resistance at 1.0976/89 and likely beyond.” 

“First support is seen at the exponential moving average at 1.0851, then 1.0782, which now needs to hold to maintain the base. Below here would instead suggest further ranging, which is not our base case.”