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Felicia Tan
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Forex
July 30 19:32

Credit Suisse: euro will continue to rise against dollar

The bank sees the potential for rally development.
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Credit Suisse analysts note that there is a pause in the upward movement of EURUSD, but in light of last week's closing above 1.1495 and the formation of the base on medium-term charts, the pair's prospects remain constructive.
The bank pays attention to the preservation of the trend for additional incentives of the American economy, which continues to feel the negative consequences of the second wave of coronavirus, and predicts new losses for the dollar. The Credit Suisse notes that in the nearest future some consolidation can be expected from EURUSD, however only at the breakthrough below 1.1580 it will be possible to say that the bulls started to exhale and the euro can expect a deeper correction.
Meanwhile, the focus remains shifted to the September 2018 maximum and 61.8% decline from 2018 to around 1.1815/22, while in the CS final report the bank expects to storm the base of the 2018 reversal peak at 1.2155.