EUR / CHF is losing momentum to the downside as it approaches the 2020 low of 1.0505, explains Karen Jones, head of the technical analysis research team at Commerzbank. It warns that a break below this level would open the way for a visit to the April 2015 low at 1.0255.
Key statements:
“EUR / CHF is losing momentum to the downside as it approaches the 2020 low at 1.0505, we would allow this to hold the initial test. The April 2015 low at 1.0255 / 35 and the 50 retracement will follow. % of the 2015-2018 movement. “
“The rises will find nearby resistance at 1.0629, the low of November 2020 and the low of 2016. Short-term advances will find additional resistance in the downtrend at 1.0666 and the August 19 low at 1.0696. “
“The 55-day moving average stands at 1.0759 and the market will remain in bid mode while capped there. “.
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