EUR/CHF offered below 1.0971/78 – Commerzbank

In opinion of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the outlook on the cross remains offered below the 1.0971/78 area.

Key Quotes

“EUR/CHF has eroded the short term uptrend and is under pressure, it is breaking down from a triangle”.

“It will find immediate resistance at the 55 day ma at 1.0971 and the short term downtrend at 1.0978”.

“While capped here the market remains offered. We target the 1.0846 200 day ma and the 1.0737 November low”.