EUR/CHF: Scope for a move towards the 1.0925 mark – Credit Suisse

EUR/CHF is stalling at the 200-day moving average (DMA) at 1.0897. However, analysts at Credit Suisse still see scope for a move to the 2021 downtrend at 1.0924/25.

See – EUR/CHF: Close above 1.0941 is needed to negate negative bias – Commerzbank

Support is at 1.0782

“EURCHF continues to stall below the 200-DMA at 1.0897/0904, however, the market maintains a large bullish ‘outside day’ and a large base, which suggest s that the medium-term downtrend may have come to an end, with daily MACD also firmly in bullish territory now.” 

“We expect at least further short-term strength, with the medium-term downtrend at 1.0924/25 the next level to watch, above which would confirm the medium term is indeed over. A break above here would open up the next important resistance at 1.0976/89.” 

“Support stays at the 1.0847/44 breakout point, which ideally holds into the close to maintain a high level of confidence in the base. Next supports are seen at 1.0837/2 4, then 1.0782, which now needs to hold to maintain the base. Below here would instead suggest further ranging.”