EUR / CHF remains under heavy pressure, testing and holding a key support so far in the April / May range and the main psychological barrier at 1.0505 / 00, report Credit Suisse strategists.
“We expect further declines to unfold in line with the recent bearish” outside day “that remains in place and the daily MACD momentum that is still trending down again.”
“A possible break below 1.0500 would suggest that the downward trend in the medium term resumes and should finally allow momentum to accelerate, with room for maneuver for a possible change to 1.0413 / 09 thereafter as next initial support. ”
“Resistance goes to 1.0526 / 32, then to 1.0541, before the 55-day average at 1.0561, where we would expect the market to plateau once again.”