EUR/CHF: Five month down channel eroded – Commerzbank

EUR/CHF has eroded its five month downtrend line and the market is well placed to tackle the 55-day moving average at 1.0584, Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, reports.

Key quotes

“The 55-day moving average at 1.0584 will need to be overcome on a closing basis to confirm any real upside intent and target the 1.0709 March high and potentially the 1.0813 200-day ma.” 

“The cross has come close to the 1.0500 mark, it held the 1.0509 level for 7 days. Only below here will signal further downside to the 1.0236 April 2015 low.”