EUR/CHF: remains bid while above the 55 day ma at 1.1660 - Commerzbank

Axel Rudolph, Senior Analyst at Commerzbank anticipates an accelerated up-move for the EUR/CHF cross once  the four month resistance line, currently at 1.1785 is decisively taken out.

Key quotes:

"EUR/CHF is once again approaching its December high at 1.1776. While the 55 day ma at 1.1660 underpins we remain unable to rule out an extension to the four month resistance line, currently at 1.1785. Above 1.1785 we have very little until the 1.2000 area. Key nearby support are the 55 day ma at 1.1660 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."