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9 Sep 2014
EUR/CHF end of the pullback? – Commerzbank
FXStreet (Edinburgh) - In the view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the cross needs to close above 1.2090 to alleviate the selling mood.
Key Quotes
“EUR/CHF while the Elliott wave counts on the daily and intraday charts continue to suggest this is the end of the move we also note the divergence of the daily RSI”.
“We remain unable to rule out a stab down to the November 2012 low at 1.2030 and base of the short term down channel at 1.2016, but this is considered less likely. If seen, it is expected to hold. If not, the major psychological 1.2000 level could be revisited”.
“Minor resistance comes in around the 1.2073 channel and previous August low at 1.2087 and 3rd Sept high at 1.2090 – a close above here is needed to alleviate the current downside pressure and signal recovery to the 1.2128 55 day ma”.
Key Quotes
“EUR/CHF while the Elliott wave counts on the daily and intraday charts continue to suggest this is the end of the move we also note the divergence of the daily RSI”.
“We remain unable to rule out a stab down to the November 2012 low at 1.2030 and base of the short term down channel at 1.2016, but this is considered less likely. If seen, it is expected to hold. If not, the major psychological 1.2000 level could be revisited”.
“Minor resistance comes in around the 1.2073 channel and previous August low at 1.2087 and 3rd Sept high at 1.2090 – a close above here is needed to alleviate the current downside pressure and signal recovery to the 1.2128 55 day ma”.