USD/CHF: A Buy On 1.00 Break: EUR/USD: A Sell On 1.08 Break - SocGen
A clear break above 1.00 in USD/CHF is needed to signal further rebound towrds the next resistance around 1.0110 and 1.0160, notes SocGen.
"After breaking above multi month triangle USD/CHF found stiff resistance near last year highs of 1.0330. Since then it is undergoing a retracement and has achieved triangle limit at 0.9750/0.97.
Multi month ascending trend at 0.95 will decide if a larger downtrend takes shape. 1.00 caps short term upside," SocGen adds.
Turning to EUR/USD, SocGen thinks that a break of Feb low around 1.08 is needed to signal a revisit to 1.0570/1.05.
"After a sharp rebound, EUR/USD faced stiff resistance at upper limit of a daily channel. With weekly indicator close to resistance, graphical levels at 1.1440/60 will remain key hurdle.
It is breaching the channel support and test of early February low at 1.08 looks likely. This will confirm if a revisit of 1.0570/1.05 takes shape," SocGen argues.
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