EUR/CHF has found a cap at the 55-day moving average (DMA) at 1.0375/77. Analysts at Credit Suisse look for the development of a broad range below this level and above parity.

Risks to turn back lower

“EUR/CHF is now turning back lower and breaking below near-term support at 1.0292, which completes a small intraday top. We, therefore, stay biased toward 1.0375/0404 capping the market for the development of a broad range between this level and parity.”

“Shorter-term, next supports are seen at 1.0258. Below 1.0186/77 would then turn the short-term risks lower within the broad range for a fall back to support at 1.0159, then 1.0112.” 

“Should strength extend through 1.0377/0404, we see resistance next at the 38.2% retracement of the March-21/March-22 fall at 1.0423, then another retracement resistance at 1.0483/84.”