EUR/CHF: remains underpinned by the 55 day ma at 1.1667 - Commerzbank

According to Karen Jones, Analyst at Commerzbank, the EUR/CHF cross continue finding strong support near the 55 day MA at 1.1667 and now expects a move higher in the near-term.

Key quotes:

“EUR/CHF remains still underpinned by the 55 day ma at 1.1667. While above here we cannot rule out another upside attempt but as we have seen recently minor breaks to new highs have not been sustained. The market has recently stalled at its four month resistance line at 1.1792. Above this level we have very little until the 1.2000 area.”

“Key nearby supports are the 55 day ma at 1.1667 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.”