EUR/CHF: A close below 55-day ma needed to alleviate the upside bias - Commerzbank

In the view of Karen Jones, Analyst at Commerzbank, a daily closing below the 55-DMA could open floors towards the key support of 1.1606 in the EUR/CHF cross.

Key Quotes:

“EUR/CHF is at last starting to keel over, we will need to close below the 55-day ma to alleviate the immediate upside bias. We remain unable to rule out an extension to the resistance line currently at 1.1806. However, we continue to highlight the 13 count on the daily chart and we look for the market to now fail. Above 1.1806 we have very little until 1.20. Our attention is now on the uptrend at 1.1606. This is reinforced by the 55-day ma at 1.1600 and recent low at 1.1544.“