EUR/CHF: Scope for the 1.1800 resistance line, but this should hold - Commerzbank

"EUR/CHF continues to hold steady near term," writes Karen Jones, Head of FICC Technical Analysis at Commerzbank.

We remain unable to rule out an extension to the resistance line currently at 1.1800, but we would allow for this to hold the initial test, we note the 13 count again on the daily chart and we look for the market to now fail. Above 1.1800 we have very little until 1.20.

Our attention however is on the uptrend at 1.1597. This is reinforced by the 55 day ma at 1.1592 and recent low at 1.1544.

Failure at 1.1544 will target the next lower 1.1389/62 September and October lows would target the 1.1261/59 August lows.

A move below the 1.1261/59 August lows is needed to negate the up move.