EUR/CHF: Downside momentum persists – Commerzbank

EUR/CHF is now focused on the 1.0741/36 band amidst the current downtrend, noted Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank.

Key Quotes

“EUR/CHF is grinding lower but the recent low has again not been confirmed by the daily RSI. There is a loss of downside momentum, but for now the market continues to weigh on the downside. Attention is on 1.0741/36, the 2021 low, the December low and the 78.6% retracement, we look for this to hold the downside. The 1.0736 December low is regarded as the break down point to the 1.0629 November low.”

“Nearby resistance is seen at the June low at 1.0872 and also at the May 11 and 24 lows at 1.0925/27.”