FXStreet (Barcelona) – Karen Jones, Head of Technical Analysis at Commerzbank, notes that EUR/CHF is heading towards the top of its channel resistance at 1.0564, with further gains possible on a daily close above the same.
Key Quotes
“EUR/CHF has charted another strong performance and has started to erode the 1.0524 Fibo and April high. We have channel resistance at 1.0564 and note the Elliott wave count is indicating failure here and we are alert to that possibility and a slide back to the 1.0413 55 day ma.”
“A close above here will target 1.0591, the 61.8% retracement of the move seen this year.”
“Key support is viewed as 1.0286/80 – the base of the channel and recent low.”
(Market News Provided by FXstreet)