EUR/CHF still on the defensive near term – Commerzbank

In view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the cross remains on the defensive in the short term.

Key Quotes

“EUR/CHF continues to ease back from just below the 1.0975 October 2016 high and has slipped below the May low and is on the defensive very near term. We would allow for losses back to the 55 day ma at 1.0810 and maintain a positive bias while above the 200 day moving average at 1.0783. Initial target is the recent high at 1.0987”.

“Initial support is the 1.0825 March high ahead of the 55 day ma and the 200 day ma. Initial resistance is 1.0883”.