EUR/CHF to erode the 1.0840 resistance and near the 1.09 level – Commerzbank

EUR/CHF is probing the 1.0800/40 resistance, which currently looks exposed, according to Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank. A break above here would leave the pair targeting levels near 1.09.

EUR/CHF to target 1.0643/1.0629 on failure at 1.0840

“EUR/CHF rallied strongly higher yesterday and is once again probing tougher resistance 1.0800/40, the 55-day ma lies at 1.0834 and this is starting to look exposed. Above here would allow for further strength to the 200-day ma and 4-month downtrend at 1.0896/99.”

“Should 1.0840 hold, we would allow for losses to the mid-October low at 1.0689 and further down sits the 1.0629 November low. In the mix is also the 78.6% retracement at 1.0643.”