EUR/CHF set to tackle overhead resistance at the 1.1009/28 zone – Commerzbank
|EUR/CHF has bounced off the 1.0927 uptrend. Attention is on the 55-day moving average, May high and the top of the channel at the 1.1009/28 region, as Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, notes.
EUR/CHF rebounds from the 2020-2021 uptrend at 1.0927
“EUR/CHF has bounced off the 1.0927 uptrend. Attention has reverted to the 55-day ma at 1.1009.”
“Above the 55-day ma lies the 1.1021 channel high and 1.1028, the 19th May high. A close above here will be regarded as bullish and target initially1.1075, the end of April high and this guards the 1.1148/52 March high and 200-week ma.”
“Above the 1.1148/52 March high and 200-week ma, the pair will target the 50% retracement of the entire move down from the 2018 peak at 1.1255.”
“Longer-term, we target 1.1325.”
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