Axel Rudolph, Senior Technical Analyst at Commerzbank, believes the cross faces strong resistance in the 1.1050/60 band.
Key Quotes
“EUR/CHF nears but should remain capped by the 1.1050/60 resistance area where the 61.8% Fibonacci retracement meets the mid-February high”.
“Note that the 2008-2016 downtrend is located at 1.1311 – the market has failed here and resumed a longer term down move”.
“Longer term we look for further losses to the 1.0737 November low. Initial support is the 200 day ma at 1.0791”.
(Market News Provided by FXstreet)
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