1 May 2015
EUR/CHF poised to encounter the downtrend at 1.0506 – Commerzbank
FXStreet (Barcelona) - According to Karen Jones, Head of Technical Analysis at Commerzbank, EUR/CHF looks set to test the downtrend at 1.0506, but profit-taking will ensure that the resistance holds.
Key Quotes
“EUR/CHF is probing tough resistance at 1.0506/34, this is the location of the 2 month downtrend and the 55 day ma, it is expected to hold the initial test.”
“The intraday charts are suggesting beyond a dip back to 1.0415, that there remains an upside bias presently.”
“Below 1.0310 will signal a retest of the 1.0255/35 recent low. This is regarded as the break down point to 1.00.”
“Above 1.0540 will target 1.0591, 1.0688, which is regarded as the last defence for the 1.0811 high.”
Key Quotes
“EUR/CHF is probing tough resistance at 1.0506/34, this is the location of the 2 month downtrend and the 55 day ma, it is expected to hold the initial test.”
“The intraday charts are suggesting beyond a dip back to 1.0415, that there remains an upside bias presently.”
“Below 1.0310 will signal a retest of the 1.0255/35 recent low. This is regarded as the break down point to 1.00.”
“Above 1.0540 will target 1.0591, 1.0688, which is regarded as the last defence for the 1.0811 high.”