EUR/CHF: Correction lower to hold the 1.1050-1.0990 zone – Commerzbank

EUR/CHF has met the target of the Commerzbank analyst team at the 1.1146 200-week ma. Some profit taking is expected here, but the pair should stay above the 1.1050-10990 region.

Key quotes

“EUR/CHF last week reached the 200-week ma at 1.1146. We would allow for some profit taking here, the daily RSI has diverged and we have a 13 count on the daily chart. 

“Dips are indicated as likely to hold the 1.1050-1.0990 region.” 

“Above 1.1152 lies the 50% retracement of the entire move down from the 2018 peak at 1.1257.” 

“Longer term, the market has recently completed a base, which offers an upside measured target to 1.1325.”

“Initial support lies at 1.0957, the end of February low and 1.0891, the December high. It will stay bid above the 55-week ma at 1.0730.”