EUR/CHF upside potential intact above 1.1487 – Commerzbank

The cross keeps the prospects for further upside as long as it trades above 1.1487, suggested Karen Jones, Head of FICC Technical Analysis at Commerzbank.

Key Quotes

“EUR/CHF has rebounded from the 2017 support line, currently at 1.1487, while above here it continues to hold upside potential near term. We have eroded the 1.1641 55 day ma and intraday Elliott wave counts are suggesting that dips lower will hold around 1.1580 for a deeper recovery towards the 1.1833 January high”.

“Below 1.1580 alleviates immediate upside pressure and attention reverts to the uptrend”.