EUR/CHF continues its descent. The pair is set to target 1.0255/35, the April 2015 low, on a breach below the 1.04 level, Axel Rudolph, Senior FICC Technical Analyst at Commerzbank, reports.
Rallies to find nearby resistance at the 1.0552 downtrend
“EUR/CHF has so far dropped to 1.0428. This new low was not confirmed by the daily RSI and we may still be seeing some consolidation around the 1.0400 mark.”
“Failure at 1.0400 would introduce scope to the 1.0255/35 April 2015 low and 50% retracement of the move 2015-2018.”
“Rallies will find nearby resistance at the 1.0552 downtrend. Additional resistance lies at 1.0629, the November 2020 low and the 2016 low as well as the 1.0696 19th August low.”