EUR/CHF: Accelerated downtrend eroded – Commerzbank

EUR/CHF has reversed from TD support on the daily and weekly charts at 1.0615/1.0594 as suspected. Karen Jones, Team Head FICC Technical Analysis Research At Commerzbank, predicts the next moves for the pair.

Key quotes

“The market has eroded the accelerated downtrend and should now recover to the 55 day ma at 1.0750 and the short term resistance at the 1.0812 September low.”

“In order to negate downside pressure longer term the cross will need to regain the 1.1058 October high on a daily chart closing basis to generate some upside interest (not favoured).”