EUR/CHF’s a-b-c correction has terminated ahead of the 55-day ma at 1.0622 and Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, now expects a retest of the 1.0915 June high.
“EUR/CHF has completed an a-b-c’ correction, which has halted ahead of the 55-day ma at 1.0622. This has held the downside and provoked recovery and we look for a retest of the 2018-2020 downtrend at 1.0873 this week and the 1.0915 June high. Initial resistance is the 200-day ma at 1.0750.”
“A close above 1.0915 will target the 1.1058/75 October 2019 high and the 38.2% retracement down from the 2018 peak. Above here would target the 200-week ma at 1.1141.”
“Below the 55-day would retarget the 1.0577 low and this guards the 1.0509/00 support (not favoured).”
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