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EUR/CHF potential test of 1.2000? – Commerzbank

FXStreet (Edinburgh) - In the opinion of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the door remains open for a probable test of the SNB target at 1.2000.

Key Quotes

EUR/CHF made a multi-year low at 1.2049 in August from which it is currently bouncing back”.

“This low was made within the support area consisting of the December 2012 low at 1.2064 and the November 2012 low at 1.2030. As such it is expected to hold”.

“If not, the major psychological 1.2000 level could be revisited”.

“Minor resistance comes in around the previous August low at 1.2087”.

“Currently intraday Elliott wave counts are suggesting dips lower will terminate circa 1.2065 for a rally towards resistance at 1.2122/33. It is where the mid-March and July lows were made”.

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