EUR/CHF: Close above 1.0941 is needed to negate negative bias – Commerzbank

EUR/CHF is failing to surpass the 200-day moving average (DMA) at 1.0898. Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, expects the pair to decline toward the 1.0643/1.0629 area.

Negative below the 2008-2021 downtrend at 1.0941

“EUR/CHF has rallied to and so far failed at the 200-DMA at 1.0898. This is reinforced by the 1.0941 2008-20021 downtrend. It remains the critical resistance and we expect it to hold.”

“We would then allow for losses to the mid-October low at 1.0689 and further down sits the 1.0629 November low. In the mix is also the 78.6% retracement at 1.0643.”