EUR/CHF: There is little in the way of meaningful support until psychological 1.00 level – Credit Suisse

EUR/CHF is falling sharply after breaking below the 1.03 and 1.0254/35 barriers. Analysts at Credit Suisse look for further weakness, with next supports at 1.01/0084 and 1.00.

EUR/CHF to see an aggressive acceleration lower

“We could see a dramatic acceleration lower, in line with the sharp fall over the couple of days, which is mirrored by the fresh turn lower in momentum indicators.”

“We shift our focus toward a fall to parity, with only minor support before here at 1.01/0085. Failure to hold at parity and the next major support zone is now seen until 0.9839/30.” 

“Near-term resistance now moves to the broken 1.0235/39 low from 2015, which we now expect to cap to maintain the direct downside pressure. A reversal back above here into the weekly close would point a potential reversal, however, this is not our base case. Next resistance though is at 1.03.”