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EUR/CHF negative below 1.2178 – Commerzbank

FXStreet (Edinburgh) - The selling bias will prevail in the cross while below the 1.2178 level, observed Karen Jones, Head of FICC Technical Analysis at Commerzbank.

Key Quotes

“EUR/CHF dipped to 1.2087 on Friday, a level last seen in December 2012”.

“In case of a drop through it being seen the November 2012 low at 1.2030 will be targeted”.

“For today we expect it to stabilise around the 1.2101 March low”.

EUR/CHF will considered to be negative while trading below the 1.2178 late July high”.

“Initial resistance comes in around the 1.2133 early July low with more resistance coming in around the 55 day moving average at 1.2158”.

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