EUR/USD signs of a base within range; GBP/USD bull flag emerges - Credit Suisse

Author: Adam Button | Category: News

Credit Suisse on the technical outlook for EUR/USD and cable

Credit Suisse discusses EUR/USD and GBP/USD technical outlook in the near-term.

"EUR/USD on course to test what we see as more important resistance at 1.1097/1.1103 - the late November high and 61.8% retracement of the October/November fall. Above here though is needed to see a fresh base established for a deeper recovery within the broader sideways range with resistance then seen next at 1.11/370 and with the 200-day average now at 1.1162, which we expect to remain a solid barrier," CS notes. 

"A clear and sustained break above 1.2970/85 in GBP/USD would sharply increase the risk of a bull "flag" continuation pattern, with the next resistance then seen at the 1.3013 high, above which would trigger the pattern for a fresh leg higher with resistance then seen at 1.3048/56 initially ahead of 1.3077 - the 78.6% retracement of the 2019 fall," CS adds.

For bank trade ideas, check out eFX Plus.


ForexLive
By continuing to browse our site you agree to our use of cookies, revised Privacy Notice and Terms of Service. More information about cookiesClose