EUR/CHF to decline towards the December low at 1.0736 – Commerzbank

The EUR/CHF pair has eroded the 1.0797 55-day ma and is looking more vulnerable. Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, highlights the next support levels at the 1.0736 December low and the 1.0724 200-day moving average.

Key quotes

“EUR/CHF has stalled at the 1.0858/91 September and December highs and has now eroded the 55-day moving average at 1.0797. This guards the December low at 1.0736 and the 200-day ma at 1.0724.” 

“The market is currently vulnerable on the downside. Below the December low at 1.0736 lies good support at the late July, August and September lows at 1.0727/12. Within this area meanders the 200-day moving average at 1.0724 and below it sits the November trough at 1.0630.” 

“The 1.0891 level guards the June high at 1.0915.”