Credit Suisse discusses EUR/CHF technical outlook and highlights the importance of the 1.0827 level for near-term directional bias.
"EURCHF maintains its break below key support levels at 1.0931/25...Given the size of the new bearish continuation pattern, we expect to see a move to the 200 -day average at 1.0875, below which would open up the “measured pattern objective ” at 1.0829/27, where we expect the market to find a floor," CS notes.
"The risks now stay lower whilst below 1.0925/35 and next resistance at 1.0951. Above here would negate the new bearish pattern, with resistance thereafter seen at the 55 -day average at 1.0994 /10 0 4, above which would open up the channel top at 1.1029/34. We expect this zone to cap if reached to keep the market in its downward channel," CS adds.