EUR/CHF set to advance nicely, 1.1152/58 highs are in its crosshairs – Credit Suisse
|EUR/CHF continues to grind higher within its potential bull “flag”, with a break above 1.1118 triggering the pattern to open up a more dynamic move higher, analysts at Credit Suisse appraise.
Support is at 1.0975/56
“We maintain that the EUR/CHF pair may be forming a larger bullish ‘flag’ continuation pattern and stay bullish.”
“Next resistance is seen at 1.1081/89, 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 look for 1.10012/06 to ideally hold, with more important support just below here at the broad 1.0975/56 zone. Beyond here would instead reassert the topping scenario and see a move to the 61.8% retracement at 1.0906/0897 next.”
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