16 Jun 2015
EUR/CHF might slide back to 1.0411 – Commerzbank
FXStreet (Barcelona) - Karen Jones, Head of Technical Analysis at Commerzbank, shares the technical outlook and key levels for EUR/CHF.
Key Quotes
“EUR/CHF has recovered from just ahead of the 55 day ma at 1.0411. Focus has again shifted to the top of the channel resistance at 1.0576 and we note that the Elliott wave count is indicating this is the end of wave 4. We are alert to that possibility of failure and look for a slide back to the 1.0411 55 day ma. There is scope for the base of the channel at 1.0299.”
“A close above the top of the channel will target 1.0591, the 61.8% retracement of the move seen this year.”
“Key support is viewed as 1.0299/80 – the base of the channel and recent low.”
Key Quotes
“EUR/CHF has recovered from just ahead of the 55 day ma at 1.0411. Focus has again shifted to the top of the channel resistance at 1.0576 and we note that the Elliott wave count is indicating this is the end of wave 4. We are alert to that possibility of failure and look for a slide back to the 1.0411 55 day ma. There is scope for the base of the channel at 1.0299.”
“A close above the top of the channel will target 1.0591, the 61.8% retracement of the move seen this year.”
“Key support is viewed as 1.0299/80 – the base of the channel and recent low.”