Credit Suisse discusses EUR/CHF technical outlook and sees a scope for limited gains in the near-term. CS House view is negative on EUR/CHF over the next 3-6 month horizon.
EURCHF has eventually seen a major break above the crucial resistance zone at .9937/parity as hoped for, triggering a reasonably bullish “triangle” continuation pattern. The market has also broken above the 23.6% retracement of the 2018/2022 decline at 1.0022 and with weekly MACD and the 55 -day average continuing to rise, we think the market is set for further gradual medium -term strength," CS notes.
"Resistance moves to 1.0092 initially and then to 1.0131, though we look for a temporary ceiling to be found at another key resistance zone at 1.0216/80 for the development of another rangebound phase. Should a break above here take place though, this would open up yet another upleg. Support moves to parity/.9983 and then below to the broken 200 - day average at .9937, which we look to maintain the current breakout," CS adds.