FXStreet (Barcelona) – Karen Jones, Head of Technical Analysis at Commerzbank, sees downside potential for EUR/CHF towards 1.0302, while above 1.0580 might pave way for a move towards 1.0591.
Key Quotes
“EUR/CHF has sold off to the 55 day ma at 1.0412 and is weighing on support here. Overhead resistance is offered by the channel resistance at 1.0580 and we note that the recent high represented wave 4 of an Elliott wave count. There is scope for the base of the channel at 1.0302.”
“A close above the top of the channel will target 1.0591, the 61.8% retracement of the move seen this year.”
“Key support is viewed as 1.0302/1.0280 – the base of the channel and recent low.”
(Market News Provided by FXstreet)