EUR/CHF to extend its fall to the 1.0990-1.0945 zone – Commerzbank

EUR/CHF is easing back from the 200-week ma at 1.1147 as the correcting lower gains traction near-term. Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, expects the pair to extend its fall to the 1.0990-1.0945 area.

Key quotes

“We would allow for losses to the 1.0990-1.0945 region (Elliott wave counts) ahead of recovery.” 

“Above 1.1152 lies the 50% retracement of the entire move down from the 2018 peak at 1.1257.” 

“Longer-term, the market has recently completed a base, which offers an upside measured target to 1.1325.” 

“Initial support lies at 1.0957, the end of February low and 1.0891, the December high.” 

“The pair will stay bid longer-term while above the 55-week ma at 1.0739.”