EUR/CHF grinds higher with resistance seen at 1.1098/1.1111 – Credit Suisse

The EUR/CHF pair maintains a major base after the recent breakout above 1.0916/15 and analysts at Credit Suisse look for a break above 1.1098/1111 to open up 1.1255/65 next.

See – EUR/CHF to hover around the 1.09 mark by mid-year – CIBC

Key quotes

“We see scope for further upside, with resistance seen initially at 1.1070, removal of which would expose the pivotal cluster at 1.1098/1.1111 – the recent high and 61.8% retracement of the 2019/2020 fall – where we would expect to see a first attempt to cap.” 

“Above the 1.1098/1.1111 region, EUR/CHF could subsequently see an acceleration of upside momentum with resistance seen initially at the July 2019 high at 1.1172, with scope for 1.1255 over the longer-term.” 

“Support moves initially to 1.1026, then 1.1004/00, beneath which would see a small intraday top completed to suggest a move back to 1.0963/56, where we would expect to see another attempt to hold.”