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In opinion of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the stance on the cross remains offered in the very near term.

Key Quotes

EUR/CHF remains offered, having recently eroded the 1.1713 2015- 2018 uptrend and the 200 day ma at 1.1655. The initial sell off has halted just ahead of the 78.6% retracement at 1.1567. Rebounds from here are expected to remain tepid and we look for losses eventually back to the February low at 1.1448 (55 week ma at 1.1490). The 55 day moving average is now acting as resistance at 1.1826, together with the January peak at 1.1833 and while capped here it is offered. Failure at 1.1448 would target a move to the August 2017 low at 1.1259″.

“Above 1.1833 retargets the 1.2000/05 recent high”.