EUR/CHF erodes 1.0842 55-week ma, aims 2018-2020 resistance line at 1.0913 – Commerzbank
EUR/CHF broke the 1.0842 55-week ma and is now pointing to the 1.0913 2018-2020 resistance line, Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, briefs.
“EUR/CHF has eroded the 1.0812 September 2019 low to reach the 1.0842 55-week ma and 1.0861 23.6% retracement (of the move down from the 2018 peak). This guards the 1.0913 2018-2020 resistance line.”
“Dips will find initial support at the near-term uptrend at 1.0673 ahead of the 55-day ma at 1.0579. Initial support is the 1.0709 March high.”
“Below the 55-day ma will alleviate upside pressure and imply another slide back to the 1.0509/00 zone once again.”