FTSE 100 has rebounded sharply, but whilst below 5697/5741, the bias of strategists at Credit Suisse stays directly lower.

Key quotes

“FTSE 100 has rebounded sharply, in line with our view that we may see a relief rally.”

“Whilst below 5697/5741, the risks stay directly lower over the next couple of months, reinforced by the fact key moving averages have turned lower and monthly MACD turning negative.”

“Key resistance is at 5697/5741, above which would set a base and remove our downside bias to suggest a deeper relief rally, with scope then for a move to 6294.”