8 May 2015
EUR/CHF might see a recovery rally towards 1.0475 – Commerzbank
FXStreet (Barcelona) - With EUR/CHF having bounced off the support at 1.0297, a rally towards 1.0475/1.0505 might be expected, notes Karen Jones, Head of Technical Analysis at Commerzbank.
Key Quotes
“EUR/CHF has seen another leg lower to the 78.6% retracement at 1.0297. This has held the initial test. Again the intraday charts are suggesting recovery and a rally towards tough resistance at 1.0475/1.0505, which is the location of the 2 month downtrend and the 55 day ma. It is expected to hold the top side.”
“Below 1.0295 will signal a retest of the 1.0255/35 recent low. This is regarded as the break down point to 1.0000.”
“Above 1.0505 will target 1.0591, 1.0688, which is regarded as the last defence for the 1.0811 high.”
Key Quotes
“EUR/CHF has seen another leg lower to the 78.6% retracement at 1.0297. This has held the initial test. Again the intraday charts are suggesting recovery and a rally towards tough resistance at 1.0475/1.0505, which is the location of the 2 month downtrend and the 55 day ma. It is expected to hold the top side.”
“Below 1.0295 will signal a retest of the 1.0255/35 recent low. This is regarded as the break down point to 1.0000.”
“Above 1.0505 will target 1.0591, 1.0688, which is regarded as the last defence for the 1.0811 high.”