EUR/CHF: The 1.0701/1.0696 support is exposed – Commerzbank

The EUR/CHF hovers near the 1.0701/1.0696 recent low. Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, expects the pair to slump towards the 1.0623/43 region.

Downtrend at 1.0754 is the first resistance to near-term rallies

“EUR/CHF continues to sit on the 1.0701/1.0696 recent low, which looks exposed.”

“Near-term rallies will find initial resistance at the accelerated downtrend at 1.0754 and the 55-day ma at 1.0796 ahead of the 1.0865 24th September high.”

“We look for losses to the 1.0623/43 November 2020 low, the 2016 low and 78.6% retracement at 1.0643. We look for the market to hold in this vicinity.”