EUR/CHF: Further strength with key resistance at 1.0717 in sight – Credit Suisse

The EUR/CHF short-term trend has accelerated to the upside, with key resistance seen at 1.0716/17, analysts at Credit Suisse apprise.

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Key quotes

“Resistance is seen initially at yesterday’s high at 1.0698, ahead of a move back to the late March high and 38.2% retracement of the October/May fall at 1.0710/17, where we would expect to see fresh selling at first. We expect a break in due course, though, and see resistance next at the 50% retracement and 200-day average at 1.0773/88, where we would then look for a more sustained cap to reassert the medium term downtrend.” 

“Support is seen initially at 1.0662/56, then 1.0632, ahead of 1.0589/76, which ideally holds to keep the near-term upside bias intact. Removal of here would negate the base and see a move back to 1.0510/00.”