EUR/CHF: Downside about to end? – Commerzbank

In opinion of Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, the downtrend in EUR/CHF could be in its final stage.

Key Quotes

“EUR/CHF is grinding lower but the recent low at 1.0798 has again not been confirmed by the daily RSI, and while we suspect this may be the end stage of the down move, but for now the market continues to weigh on the downside near term. Nearby resistance is seen at the June low at 1.0872 and also at the May 11 and 24 lows at 1.0925/27.”

“Failure at 1.0800, on a closing, would target 1.0739, the 2021 low. The 1.0736 December low is regarded as the break down point to the 1.0629 November low.”