EUR/CHF: nears its four month resistance line at 1.1786 - Commerzbank

According to Axel Rudolph, Senior Analyst at Commerzbank, the EUR/CHF cross is likely to accelerate the up-move once it decisively breaks through a 4-month resistance line near the 1.1786 region and only a sustained weakness below the 1.1261/59 August lows would negate the bullish outlook.  

Key quotes: 

“EUR/CHF is trying to rise above its December high at 1.1776 and to reach the four month resistance line at 1.1786. Above this level we have very little until the 1.2000 area.”

“Key nearby support are the 55 day ma at 1.1663 and the November low at 1.1544. Failure at 1.1544 will target the next lower 1.1389/62 September and October lows, failure at which would target the 1.1261/59 August lows. A move below the 1.1261/59 August lows is needed to negate the up move.”