EUR/CHF: Resistance at 1.0495/0515 has to hold to maintain downside potential – Credit Suisse

EUR/CHF has jumped higher within its range. However, analysts at Credit Suisse expect resistance at 1.0454/0515 to cap to keep the medium risks biased lower.

Support is seen at 1.0371 initially, then at 1.0306 

“Support is seen at 1.0371 initially and then at 1.0306, a fall below which is needed to relieve the current short-term upside pressure and open the door to reach the price lows from mid-April at 1.0189/69.” 

“We look for the May highs at 1.0495/0515 to cap the current upside. Should a sustained break above this level take place, this would threaten to negate the currently intact medium-term downtrend and see scope for a stronger upmove to unfold.”