EUR/CHF could have topped at recent highs – Commerzbank

Karen Jones, Head of FICC Technical Analysis at Commerzbank, assessed the recent price action around EUR/CHF.

Key Quotes

“EUR/CHF’s recent new high at 1.1623 was accompanied by a TD perfected set up on the daily chart and a large divergence of the daily RSI. It has seen a sharp sell off to reach the 3 month uptrend at 1.1401 exposed, this is likely to provoke a small rebound. Additionally the divergence of the weekly RSI points to the market having topped. Failure at 1.1362 8 th of September low will target the 1.1261/59 August lows”.

“Above 1.1623 targets the 1.2000 mark”.

“A longer term upside bias will be maintained while above the 1.1261/59 August lows”.