EUR/CHF: Key nearby support is near the 55 day ma at 1.1665 - Commerzbank

According to Karen Jones, Analyst at Commerzbank, the EUR/CHF cross is retreating from an important resistance and the key near-term support is now pegged near the 55-day SMA around the 1.1665 region.

Key quotes: 

“EUR/CHF has stalled at its four month resistance line at 1.1787. Above this level we have very little until the 1.2000 area.”

“Key nearby support are the 55 day ma at 1.1665 and the November low at 1.1544. Failure at 1.1544 will target the next lower 1.1389/62 September and October lows, failure at which would target the 1.1261/59 August lows. A move below the 1.1261/59 August lows is needed to negate the up move.”