EUR/CHF resumes its downfall towards the 1.0629 November low – Commerzbank

EUR/CHF’s correction is over and attention is back on the 1.0720 recent low. The pair is set to target the 1.0643/1.0629 region on a break below the latter, Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, reports.

EUR/CHF is back under pressure

“Below 1.0720, will target the mid-October low at 1.0689 and further down sits the 1.0629 November low. In the mix is also the 78.6% retracement at 1.0643.” 

“Nearby resistance is the June low at 1.0872 and the 200-day ma at 1.0899.”

“The 4-month downtrend is found at 1.0919 and while capped here it stays offered.”

“The 1.0607 July low is viewed as the last defense for the 1.0505 May low.”