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19 May 2015
EUR/CHF unable to break the 1.0524 resistance – Commerzbank
FXStreet (Barcelona) - Karen Jones, Head of Technical Analysis at Commerzbank, maintains an upside bias on EUR/CHF while the pair trades above the support at 1.0384.
Key Quotes
“EUR/CHF spent yesterday essentially consolidating its recent gains having cracked through tough resistance offered by the 2 month downtrend and the 55 day ma. The market has proved unable so far to clear the 1.0524 50% retracement and 30th April high. A close above here will be needed to see a further upside target of 1.0591 engage, this is the 61.8% retracement of the move down from February.”
“Above 1.0591 will introduce scope to 1.0688, which is regarded as the last defence for the 1.0811 high.”
“Dips lower should find initial support at 1.0431 and hold over 1.0384, the 14th May low for an upside bias to be maintained.”
Key Quotes
“EUR/CHF spent yesterday essentially consolidating its recent gains having cracked through tough resistance offered by the 2 month downtrend and the 55 day ma. The market has proved unable so far to clear the 1.0524 50% retracement and 30th April high. A close above here will be needed to see a further upside target of 1.0591 engage, this is the 61.8% retracement of the move down from February.”
“Above 1.0591 will introduce scope to 1.0688, which is regarded as the last defence for the 1.0811 high.”
“Dips lower should find initial support at 1.0431 and hold over 1.0384, the 14th May low for an upside bias to be maintained.”