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EUR/CHF points to 1.2101 – Commerzbank

FXStreet (Edinburgh) - The cross might attempt a bounce although the broader outlook keeps pointing towards the 1.2100 area, suggested Karen Jones, Head of FICC Technical Analysis at Comerzbank.

Key Quotes

EUR/CHF’s spike below the 1.2133 July low has not been sustained and we would allow for a small rebound ahead of further losses. It targets the 1.2101 3rd March low”.

“The daily Elliott wave counts are suggesting that this will also be eroded for losses to 1.2080/1.2175”.

“The market stays negative below the 1.2178 recent high, initial resistance is the 55 day ma at 1.2165”.

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