EUR/CHF fails at the 1.0761 200-DMA, 55-DMA at 1.0607 to hold the downside – Commerzbank
|The 55-day ma at 1.0607 is expected to hold the downside on the EUR/CHF cross and turn the view to the 1.0915 June high after the currency pair failed on its initial test of the 200-day ma at 1.0761, Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, informs.
Key quotes
“The 1.0653 end of March high is looking exposed. It is expected to stabilise between here and the 55-day ma at 1.0607. Provided this holds the downside, scope will remain for recovery to the 2018-2020 downtrend at 1.0893 this week and the 1.0915 June high.”
“A close above the 1.0915 June high 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.”
“The 1.0577 low guards the 1.0509/00 support.”
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