EUR/CHF: A close above the 1.903 two-year resistance line to aim October 2019 high at 1.1075 – Commerzbank
|EUR/CHF last week rallied to the 1.0913 2018-2020 resistance line, this week at 1.0903. Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, expects some sales at this point though a break of the mentioned resistance would expose the 1.1075 October 2019 high.
Key quotes
“We would allow for some profit taking at the 1.903 resistance. However, consider this resistance line is now exposed. A close above here will target the 1.1058/75 October 2019 high and the 38.2% retracement down from the 2018 peak. Above here would target the 200-week ma at 1.1146.”
“Dips will find initial support at 1.0769, the 200-day ma, the 1.0709 March high ahead of the near-term uptrend at 1.0685.”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.