Credit Suisse FX Technical Strategy Research notes that EUR/CHF has risen sharply to establish a major base above the 1.1201 level, and break above the 78.6% retracement of the 2014/15 decline at 1.1328.
“This keeps the risks directly higher to test the 38.2% retracement of the 2007/15 fall at 1.1681 next.
Whilst we would expect an attempt to set a cap here, above it would find a vacuum up to price resistance at 1.996/1.2002, potentially 1.2098,” CS projects.
Source: Credit Suisse Global Fixed Income Research
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