EUR/CHF has failed at the 200-day moving average (DMA) at 1.0898. Now, the pair is set to move downward as low as the 1.0629 November low, in the view of Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank.
Negative below the 1.0941 2008-2021 downtrend
“EUR/CHF last week failed at its 200-DMA at 1.0898. This is reinforced by the 50% retracement of the move seen this year at 1.0925 and 1.0941, the 2008-2021 downtrend. It remains the critical resistance and we expect it to hold.”
“We would allow for losses to the mid-October low at 1.0700/1.0689 and further down sits the 1.0629 November low. In the mix is also the 78.6% retracement at 1.0643.”
“Initial support is the 55-DMA at 1.0822.”
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