EUR/CHF: In new four and a half year lows – Commerzbank

EUR/CHF stays directly offered below the 55-day moving average at 1.0604, a negative bias is entrenched below here, as Commerzbank’s Karen Jones notes. 

Key quotes

“The market has eroded the 1.0524 March low, it has not sustained the initial break and we may see further consolidation near-term ahead of a slide lower.” 

“Below the 1.0509 low lies the 1.0250/35 area, made up of a long term Fibo and the April 2015 low.”

“Only a close above the 55-day ma will alleviate downside pressure and will target the 1.0812 September low.”