EUR/CHF awaits a close above 1.0860 to trigger another leg higher – Commerzbank

EUR/CHF is consolidating very near-term above the 1.08 level and a close above the 1.0850/60 neighborhood will open the path to the June peak at 1.0915, Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, briefs.

Key quotes

“EUR/CHF is bid and attention is on the 1.0850/60 region, this is long-term Fibonacci resistance. A close above here is needed to target the 1.0915 June high and the 1.1058 October 2019 high.” 

“The market remains well supported by the 55-day ma at 1.0738 and the four-month uptrend at 1.0711. The July low and the 78.6% Fibonacci retracement at 1.0607/1.0593 are regarded as stronger support that is expected to hold.”