EUR/CHF fell sharply on Thursday. However, the pair is holding above first moving average support at 1.0834 and analysts at Credit Suisse stay biased higher.
See: EUR/CHF to edge lower towards the 1.0700/1.0689 zone – Commerzbank
Support is at 1.0782
“EUR/CHF is holding above the 13-day exponential moving average at 1.0837/33 and daily MACD is still firmly in bullish territory. We, therefore, stay biased higher in the short-term, with the medium-term downtrend at 1.0922/25 the next level to watch, above which would confirm the medium-term is indeed over.”
“A break above 1.0922/25 would open up the next important resistance at 1.0976/89.”
“Key support is seen at 1.0837/22, which is a cluster of moving averages, 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.”
