EUR/CHF potential visit to 1.2055/45 – Commerzbank

FXStreet (Edinburgh) - According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, the cross could slip back to re-test the mid-1.2000s.

Key Quotes

“EUR/CHF remains under pressure following its recent failure at its 55 day ma currently at 1.2112”.

“The intraday Elliott wave counts have neutralised but the market is likely to struggle intraday to regain 1.2088/90 and is likely to retest support at 1.2055/45. This guards 1.2000”.

“Overhead resistance lies at 1.2133 the July low and the 1.2130 4 month downtrend and we would cover any longs ahead of here”.