The cross appears to have shifted its focus to the 1.1695 level for the time being, suggested Karen Jones, Head of FICC Technical Analysis at Commerzbank.
Key Quotes
“EUR/CHF continues to be viewed as a top. The 55 day moving average has been eroded and this leaves attention on the 1.1695 2015- 2018 uptrend. This is now exposed and failure here would re-target the February low at 1.1448 and potentially a move to the August 2017 low at 1.1259 could unfold”.
“Rallies will find minor resistance at 1.1865 ahead of 1.1880″.
“Above 1.2005 we have little resistance until 1.2145, the weekly TD resistance and then 1.2394, the January 2014 high”.
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