Credit Suisse discusses EUR/USD technical outlook and maintains a bearish bias in the near-term.
“EURUSD has begun the week undergoing a concerted attempt to remove
key support from the 78.6% retracement of the 2000/2008 bull trend at
.9900 as energy supply pressures in Europe deteriorate further.
We maintain our core bearish outlook and we look for a sustained break
in due course, with support seen next at .9862, ahead of .9729/25 and
then the lower end of the downtrend channel from February at .9658,” CS notes.
“Our core objective remains set at .9609/.9592, the key high of 2001 and September 2002 low.
However, whilst we would look for a fresh phase of consolidation here,
we see no reason not to look for a break in due course with support seen
next at .9330. Immediate resistance is seen at .9953, with resistance
from the 13 -day exponential at 1.0006 ideally capping on a closing
basis to keep the immediate risk lower. Only above 1.0090/97 though
would be seen to mark a minor base,” CS adds.
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