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The EUR/CHF pair has sold off towards the uptrend at 1.0917, which should hold, according to Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank.

EUR/CHF is bouncing from its uptrend

“EUR/CHF has eased back towards, tested and is holding over the 1.0917 uptrend. Attention has reverted to the 55-day ma at 1.1019. The market has recently seen a strong recovery just ahead of the 1.0915 June 2020 high and the 1.0917 six-month uptrend.”

“Above the 55-day ma lies 1.1028, the 19th May high and 1.1075, the end of April high and this guards the 1.1148/52 March high and 200-week ma. Above here will target the 50% retracement of the entire move down from the 2018 peak at 1.1255.”  

“Longer-term, we target 1.1325.”