EUR/CHF has dropped into 5-year lows at 1.0448 – Commerzbank

According to Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, the EUR/CHF cross could target 1.0255/35, or the April 2015 low in the long term.

Key Quotes:

“EUR/CHF has sailed through the 1.0505 2020 low and remains under pressure. This introduces scope to the 1.0255/35 April 2015 low and 50% retracement of the move 2015-2018. Rallies will find nearby resistance at the 1.0590 downtrend. Additional resistance lies at 1.0629, the November 2020 low and the 2016 low and the 1.0696 19th August low.”

“A close above 1.0938 the mid-September high is needed to negate our longer term negative bias (not favoured).”