EUR/CHF lifted to fresh 7-week highs in the proximity of 1.0840 on Monday. Today, the pair is sliding below the 1.08 mark though. Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, outlines EUR/CHF needs to close above the downtrend at 1.0833 to target the June peak at 1.0915.
Key quotes
“EUR/CHF has reached the 2018-2020 downtrend at 1.0833 and a close above here is needed to target the 1.0915 June high and the 1.1058 October 2019 high. We would allow for some consolidation here.”
“Minor support lies at the 1.0712/09 March and June 23 highs and also at the 1.0699 June 30 high. The July low and the 78.6% Fibonacci retracement at 1.0607/1.0593 are regarded as stronger support that is expected to hold.”
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