EUR/CHF remains capped at 1.0492/0515. This region is set to hold to keep the downtrend intact, economists at Credit Suisse report.

EUR/CHF remains at a key inflection point

“Whilst rising medium-term MACD momentum is signaling a potential move higher, we remain bearish whilst below the 200-day moving average and the recent high at 1.0492/0515 and look for a move back lower again to last week’s low at 1.0360. “

“Though a break below last week’s low at 1.0360 is needed to relieve the strong upward pressure, only a move below the late April lows at 1.0188/87 would firmly reinstate the downtrend and put the market back to the middle of the recent range.”