EUR/CHF is losing downside momentum on approach to the 1.0505 2020 low. Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, warns that a break below this level would open up the 1.0255 April low.
Negative below the 55-DMA at 1.0759
“EUR/CHF is losing downside momentum as it approaches the 1.0505 2020 low, we would allow for this to hold the initial test. Below here will target the 1.0255/35 April 2015 low and 50% retracement of the move 2015-2018.”
“Rallies will find nearby resistance at the 1.0629.23, the November 2020 low and the 2016 low. Near-term rallies will find additional resistance at the 1.0666 downtrend and the 1.0696 19th August low.”
“The 55-day moving average lies at 1.0759 and the market will stay offered while capped there.”
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