EUR/USD: Credit Suisse recommends selling towards the bottom of the range

On the forex, Credit Suisse recommend selling EUR/USD down to the older consolidation range.

"The graphic analysis still highlights an important support zone at 1.0952/13.

The decline of the EUR/USD is starting to slow down at the approach of what is considered a more important support zone at 1.0952/13 - the low of June/July and a 61.8% retracement of the rise from December 2015/May 2016.

We are waiting for a basic opportunity here and a short-term rebound. However, if it promptly reverses, it would signal a more sustained decline phase towards 1.0876 and then 1.0826/22, and possibly a return down to the medium-term range at 1.0605/00.

First resistance is at 1.1028 and then 1.1058/68. Above these levels we should see a return to the bottom of the previous range at 1.1104/23, which should curb the rise."

Credit Suisse has placed a sell limit order on the EUR/USD.