EUR/CHF: The sharp rebound higher remains seen as corrective only – Credit Suisse

Analysts at Credit Suisse have turned their short-term bias higher as the EUR/CHF daily MACD turned higher again.

Key quotes

“EUR/CHF saw a strong reversal higher on Friday and in early trading today, in line with daily MACD turning higher again, which suggests a more significant near-term correction higher within an overall intact medium-term downtrend.” 

“We turn our very short-term bias higher and see resistance initially at 1.0560/68, then back at 1.0582/87, which includes the 55-day average, which should then cap any potential further strength to turn the short and medium term risks back lower.” 

“Support is seen initially at 1.0541, then 1.0532, ahead of 1.0523/20.”