EUR/CHF to see a bounce after tackling the 1.0505 2020 low – Commerzbank

EUR/CHF has reached the 1.0505 2020 low. Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, expects the pair to see a rebound from here and challenge initial resistance at 1.0598.

Negative bias while below the 55-DMA at 1.0715

“EUR/CHF has reached the 1.0505 2020 low and we have seen a tiny erosion of this support. We would allow for some profit-taking here.”

“Rallies will find nearby resistance at the 1.0598 downtrend. Additional resistance lies at 1.0629, the November 2020 low and the 2016 low and the 1.0696 19th August low.”

“The 55-day ma lies at 1.0715 and the market will stay offered while capped there.”

“Below 1.0494, yesterday’s low will target the 1.0255/35 April 2015 low and 50% retracement of the move 2015-2018.”