EUR/CHF has recovered from the 55-day moving average at 1.0638 and revisited the June 23 and 30 highs at 1.0699/1.0711 as expected. The pair is suffering today, down -0.2%, but while holds above the 1.0607 mark, EUR/CHF should look for a retest of the 1.0915 June high.
“Provided the EUR/CHF cross remains above its current July low at 1.0607 we should see a retest of the 1.0915 June high. Initial resistance is the 200-day moving average at 1.0738.”
“A daily chart close above 1.0915 would target the 1.1058 October 2019 high. Above it meanders the 200-week moving average at 1.1138.”
“Below the 78.6% Fibonacci support at 1.0593 lies the 1.0577 May 25 low which guards the 1.0509/05 April and May lows (not favoured).”