In light of the recent price action, the cross could slip back to the 1.1370 area, suggested Karen Jones, Head of FICC Technical at Commerzbank.
Key Quotes
“EUR/CHF has recently failed around its 200 day ma and the 50% retracement we will assume that strength since May was corrective only and that the market is ready to resume its down move. This suggests some near term slippage back towards the 1.1369 May low”.
“The market is now offered while below the 1.1714 recent high and only above here will retarget the 1.1833 January high”.
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