FXStreet reports that Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, notes that EUR/CHF is losing downside momentum on approach to the 1.0505 2020 low, and warns that a break below this level would open up the 1.0255 April low.
“EUR/CHF is losing downside momentum as it approaches the 1.0505 2020 low, we would allow for this to hold the initial test. Below here will target the 1.0255/35 April 2015 low and 50% retracement of the move 2015-2018.”
“Rallies will find nearby resistance at the 1.0629.23, the November 2020 low and the 2016 low. Near-term rallies will find additional resistance at the 1.0666 downtrend and the 1.0696 19th August low.”