In opinion of Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, the bearish view on the cross is seen unchanged while below 1.0836.
Key Quotes
“EUR/CHF will remain directly offered below resistance at 1.0836 (mid August low) and we target the June 2016 and January 2017 lows at 1.0632/23. The market has traded through its accelerated downtrend but not sustained the break and we suspect will consolidate further near term.”
“Initial resistance is 1.0836, but while contained by 1.0891 (55 day ma) it will remain offered.”
“In order to alleviate downside pressure the cross will need to regain the 1.1058 October high on a daily chart closing basis to generate some upside interest (not favoured).”
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