EUR/CHF last week rallied to the 1.0913 2018-2020 resistance line, this week at 1.0903. Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, expects some sales at this point though a break of the mentioned resistance would expose the 1.1075 October 2019 high.
Key quotes
“We would allow for some profit taking at the 1.903 resistance. However, consider this resistance line is now exposed. A close above here 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 1.1146.”
“Dips will find initial support at 1.0769, the 200-day ma, the 1.0709 March high ahead of the near-term uptrend at 1.0685.”
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