EUR/CHF trades at new lows for the year. Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, expects the pair to tank towards the 1.0505 2020 low on a break below the 1.0643/23 region.
Near-term rallies to find initial resistance at the 1.0792 55-DMA
“EUR/CHF is at new lows for the year and we look for losses to the 1.0623/43 November 2020 low, the 2016 low and 78.6% retracement at 1.0643. This is a major band of support and we would expect the market to hold in this vicinity.”
“Failure at 1.0623/43 would target the 1.0505 2020 low.”
“Near-term rallies will find initial resistance at the 55-day ma at 1.0792 and will stay offered while capped there. Above the 55-day ma lies the 1.0865 24th September high.”
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