EUR/CHF stays oversold so far – Commerzbank

Pablo Piovano FXStreet

Karen Jones, Head of FICC Technical Analysis at Commerzbank, noted the cross has moved into the oversold territory following the recent price action.

Key Quotes

“EUR/CHF has recently spiked down to 1.1369. We believe that the move was exhaustive. The daily RSI is in oversold territory. Rallies will find initial resistance offered by the 200 day ma at 1.1657 which is likely to cap. Key resistance is the 55 day moving average at 1.1812, together with the January peak at 1.1833, and while capped here it is offered”.

“Failure at 1.1369 would target a move to the August 2017 low at 1.1259, the February 2016 high lies at 1.1200”.

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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