EUR/CHF has reached 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 1.0925.
Support is at 1.0782
“The recent break above the 1.0847 point confirmed a large base to suggest that the medium-term downtrend may have come to an end, with daily MACD also firmly in bullish territory now.”
“We expect further short-term strength, with the medium-term downtrend at 1.0925 the next level to watch, above which would confirm the medium-term downtrend is indeed over.”
“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 1.0833/25, then 1.0782, which now needs to hold to maintain the base. Below here would instead suggest further ranging.”
