FXStreet (Barcelona) – According to Karen Jones, Head of Technical Analysis at Commerzbank, technicals suggest that the downside pressure in EUR/CHF is waning, and a recovery towards 1.0414 might be expected.
Key Quotes
“EUR/CHF has breached but not sustained a close below the 1.0305 7th May low and we note the TD perfected set up on the daily chart. This suggests that downside pressure is waning and for now we would exit any short positions.”
“This suggests recovery and we will look for a move to the 55 day ma at 1.0414 and eventually the 1.0524 Fibo.”
“Only a close below 1.0305 will abort this outlook as this will act as the break down point to the 1.0235 21st April low.”
(Market News Provided by FXstreet)